How does refinancing a student loan affect your credit score?

+1 vote
asked Mar 17, 2018 in Financial Aid by Tryezz (230 points)
How does refinancing a student loan affect your credit score?

1 Answer

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answered Mar 17, 2018 by Lilly21 (57,780 points)
When you refinance a student loan you'll be essentially taking out an entirely new loan with a new student loan company.

And when you refinance the student loan the student loan company will check your credit score and credit rating and a hard inquiry will show up on your credit report.

These hard inquiries will lower your credit score by a little but then the hard inquiry should drop off your credit report within a few weeks to a month.

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