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Consolidating my loans...yes or no?

Regular Contributor

Consolidating my loans...yes or no?

Can someone explain to me the process/benefits of consolidating your student loans and what happens, credit wise, as a result?

In essence, will I be closing my existing loans (12 accts...oldest loan 11yrs old) and creating a new loan? They are all current... in a forebearance state.

If so, I'm assuming my scores will take a dip?
Starting Score: EQ: 597 | TU: 610 | EX: 606 (12/2016) | TCL - $3,550
Current Score: EQ: 691 | TU: 668 | EX: 702 (6/2017) | TCL - $91,450
Goal Score: 700


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