Does consolidating your student loans affect your credit

17-Dec-2017 12:17

By that token, paying your student loans off provides you a with a means to build credit –as long as you have the means to pay them back according to schedule.

If you can’t, then your credit score can actually suffer, because instead of building a good credit history, your loans are building a bad one.

You borrowed a ton of money to pay for your tuition and other college expenses.

After four years, give or take, you graduated and entered the real world.

And, at the same time your student loans came out of deferment and landed squarely on your credit reports. Due to the fact that borrowers often make a single monthly payment for their student loan debt, many graduates are actually quite surprised to learn that they have multiple student loan accounts appearing on their credit reports.

In fact, even if you used the same lender over and over again, the fact of the matter is that you actually opened a brand new account and took out a new loan each time you filled out a financial aid application and accepted funds.

When it comes to student loans, the landscape has certainly changed.

does consolidating your student loans affect your credit-15

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Since these loans are usually taken out by young students, you don’t even need a credit history to qualify for the money you need.Each disbursement of funds you received will typically be reported on your credit reports as a completely separate account.

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