Does consolidating student loans hurt your credit 7onlinedating com
To consolidate student loan debt, you get a single loan that is then used to pay in full your outstanding debt from the various lenders who provided you with student loans.
By doing so, you "consolidate" your student debt into a single loan.
It is a little confusing because after you graduate, you probably will write one check to the lender each month to pay for the entire amount you borrowed.
As long as you make the payments on time and in full, the multiple student loans showing on your credit report will not have any negative effect on your ability to get new credit.
I am considering consolidating my student loans (currently through Navient with high interest rates) so that I can pay them down sooner, and have a lower interest rate.
If your lender does not provide any benefits, you may want to consider consolidating your loans with a lender who does.Therefore, even though your interest rate is the same or lower, you'll likely end up paying more interest.You should be wary if a private lender promises to dramatically lower your interest rate by consolidating your federal student loans.So overall you'll be paying about the same or perhaps just slightly more for your new, consolidated loan.Marisa is paying 3.6% on a ,500 Stafford loan and 6.8% on a ,500 Stafford loan.