Does consolidating student loans hurt your credit
You cannot consolidate private student loans with federal student loans, and you can only consolidate the loans you hold in your name; this means that you cannot consolidate your own loans with your spouse's or with loans your parents may have taken out to finance your college education.Note that some consolidation pros apply just to federal loans or just to private loans.Even when you are applying through the same lender, you are basically taking out a new loan each semester or year.
While you do not need to meet any minimum for combining debt under the federal Direct Consolidation Loan program, private lenders and loan companies tend to demand a minimum loan balance.
If you graduate in four years, you will likely have four loans—even more, if you also took a private loan for additional funds.
That's Loan consolidation can simply your life, but you need to do it carefully to avoid losing benefits you may currently have—or be eligible for—under the loans you have now.
If you have private student loans at differing variable rates of interest, you may be able to consolidate and get one new loan with a fixed rate of interest—a good move if rates have dropped significantly since you were in school.
That's because you'll start the loan repayment clock again and it will probably be for a longer time.