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FAFSA Student Loan Consolidation and Mortgage Apps

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EaglesFan2006
Established Contributor

FAFSA Student Loan Consolidation and Mortgage Apps

Hello,

 

I'm interested in consolidating my 4 federal loans into one.  In ligthly extending the term 2 years I can save a good chunk on the monthly payment.  It doesn't look like there's any credit impact (as in no inquiry).  However, how does this impact my credit really?  Is it a new account that would ding my AAoA?  Does it reflect poorly in the eyes of a mortgage lender.  I'm looking at late fall (7-8 months out) to go through the process, and I don't plan on doing anythign remotely credit-related in the 6 months leading up to that.  

 

Any feedback is appreciated.

 

Thanks!

Message 1 of 2
1 REPLY 1
Anonymous
Not applicable

Re: FAFSA Student Loan Consolidation and Mortgage Apps

When consolidated they close the old accounts and open new ones. It does effect the Age of Accounts. How much seemed to be minimal but we had lengthy histories before so your mileage may vary.
Message 2 of 2
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