Student Repayment Help

[jologan79]

I have the following SLs.

Navient $13,500 @ 5.38%

FedLoan $20,500 @ 6.21%

FedLoan $20,500 @ 5.41%

I like the idea of having 1 SL payment. Would it be to my advantage to consolidate these loans into one?

Would it hurt my credit? The Navient is my oldest account out of all of my credit.

I would like to see if I could get a lower rate...What do you all think?

[SCF]

It looks like these are all federal loans.  If you want to deal with only one servicer, then a Federal consolidation loan is the way to go.  When you consolidate, your existing accounts will be closed and marked as "transferred" or "refinanced" and a new account (or possibly two if you have multiple types of federal loans) will be opened.  Your existing accounts will stay on your report for 10 years, so you don't lose that history immediately and have plenty of time to build new positive history before they disappear.

Consolidation may cause a small decrease in your score initially due to the new account, but overall, it won't have much of an impact on your credit.  Your interest rate will be a weighted average of your current rates, so you will pay the same interest either way (assuming you make the same payments).

[Anonymous]

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@jologan79 wrote:

I have the following SLs.

@Navient $13,500 @ 5.38%

@FedLoan $20,500 @ 6.21%

@FedLoan $20,500 @ 5.41%

I like the idea of having 1 SL payment. Would it be to my advantage to consolidate these loans into one?

Would it hurt my credit? The Navient is my oldest account out of all of my credit.

I would like to see if I could get a lower rate...What do you all think?

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IMO I would consolidate. When you can make extra payments.