Loan shopping damage credit score?

Questions about student loans for graduate school, including medical school, law school, business school, etc?

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Loan shopping damage credit score?

Postby ibombe01 » Sat May 04, 2013 6:42 am

Hello,

I will be attending graduate school in Fall 2013. My school recommended that I shop around for private loans to cover the cost of attendance (above the maximum amount of federal loans available) and it lists 8 large private lenders. I would like to receive the best loan offer possible so I thought it would make sense to apply to all the lenders; however, I do not want my credit score damaged because of I submitted multiple loan applications. I read in this 2008 article that my credit score could potentially be damaged by submitting multiple, or even just one, loan application: http://www.nytimes.com/2008/07/26/busin ... wanted=all

I am not sure what to do. I appreciate any insights or advice you have.

Thank you for your time and consideration.

-Ian
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Re: Loan shopping damage credit score?

Postby edvadmin » Wed Aug 14, 2013 11:16 am

You are correct each application that you complete will result in an inquiry into your credit and too may inquiries will decrease your credit score. You can go to www.PrivateStudentLoans.com to get more useful information and select the lender that is best suited for your needs. If I were you I would also look into getting scholarships to pay for some of your expenses as well. Go to www.scholarshippoints.com or to www.StudentScholarshipSearch.com to see what scholarships are available to you.
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