How do FICO scores consider student loan shopping?

Scale balancing retirement and schooling

The growth of the student loan industry has increased public interest in how lenders assess the credit risk of young college-bound adults. Both large and small lenders often use FICO® credit scores to help them underwrite student loans. How the FICO credit scoring formulas treat credit inquiries depends on the way in which those inquiries are reported by lenders to each of the three credit bureaus.  

 https://www.myfico.com/credit-education/faq/credit/student-loan-shopping