Student Loans

[kentucky_golfer]

We are closing on a home next week and I am wanting to consolidate my federal student loans.  However, I do not want a hard inquiry pop up right before closing.  Does Direct Loans pull a hard when you consolidate, or should I just wait until after we close?

Thanks!

[moneypenny02]

I would like to know the answer to this as well!

[SCF]

I don't think so, because the loan is not based on your credit-worthiness, just the status and type of your loans.

BUT, I would just wait to do anything until your mortgage closes.  It's not worth the risk just to move the process up a few days.

[loviedovie]

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SCF wrote:

I don't think so, because the loan is not based on your credit-worthiness, just the status and type of your loans.

BUT, I would just wait to do anything until your mortgage closes.  It's not worth the risk just to move the process up a few days.

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They didn't for me. 

Not sure if they do as a general rule...

[moneypenny02]

One thing that you may want to consider, and that I DO know, is that the consolidation loan WILL show up as a new line of credit.  It hit me when I did the special consolidation last year, and I am expecting it to hit me again when I complete the regular consolidation.  I'm not sure how long it takes to recover from that, or exactly how significant the hit will be.