DH had about $140,000 in student loan debt from schooling pertaining to getting his Master's in teaching and, more recently, his advanced certificate and Doctorate in Education. He applied for PSFL in January and had to consolidate his loans as some of them did not initially qualify. In total, he had to consolidate $96,000 of his student loans (which were the loans he had from when he earned his Master's over a decade ago--the remaining amounts were from his more recent schooling).
In total, he had 21 different student loans accounts consolidated--all reporting as pays on time (any previous lates having been removed in prior years).
In the middle of February, his 21 student loans began reporting closed, paid in full and the FedLoans $96,000 consolidated loan appeared. He gained 18 points on his EQ FICO as a result of this consolidation!
About two weeks ago he received word that this $96,000 had been forgiven! Neither of us could believe our eyes!
When it finally sank in that his overall student loan debt had decreased by $96K the next question was how many points would he gain when the FedLoan reported as $0? Well, we found out this weekend when it reported--he gained an extra 1 point! 
So, thanks to the emergency PSFL, DH's debt decreased by $96,000 and his EQ FICO gained 19 points (currently @ 837)! I always suspected, even before the emergency PSFL was announced, that the number of individual student loan accounts he had was an opportunity to boost his score if he consolidated to one loan due to the sheer number of individual accounts that would show as closed and PIF if he did it--and I think this is confirmation!
I wanted to share here because we usually talk about the impact that credit cards (balances, AZEO, age, etc.) have on our credit and this was an interesting different data point.
@atarvuzdar wrote:DH had about $140,000 in student loan debt from schooling pertaining to getting his Master's in teaching and, more recently, his advanced certificate and Doctorate in Education. He applied for PSFL in January and had to consolidate his loans as some of them did not initially qualify. In total, he had to consolidate $96,000 of his student loans (which were the loans he had from when he earned his Master's over a decade ago--the remaining amounts were from his more recent schooling).
In total, he had 21 different student loans accounts consolidated--all reporting as pays on time (any previous lates having been removed in prior years).
In the middle of February, his 21 student loans began reporting closed, paid in full and the FedLoans $96,000 consolidated loan appeared. He gained 18 points on his EQ FICO as a result of this consolidation!
About two weeks ago he received word that this $96,000 had been forgiven! Neither of us could believe our eyes!
When it finally sank in that his overall student loan debt had decreased by $96K the next question was how many points would he gain when the FedLoan reported as $0? Well, we found out this weekend when it reported--he gained an extra 1 point!
So, thanks to the emergency PSFL, DH's debt decreased by $96,000 and his EQ FICO gained 19 points (currently @ 837)! I always suspected, even before the emergency PSFL was announced, that the number of individual student loan accounts he had was an opportunity to boost his score if he consolidated to one loan due to the sheer number of individual accounts that would show as closed and PIF if he did it--and I think this is confirmation!
I wanted to share here because we usually talk about the impact that credit cards (balances, AZEO, age, etc.) have on our credit and this was an interesting different data point.
Congratulations on this wonderful news!
How thoughtful of you to think of us at a time when you have something pretty big to celebrate!
