Consildating loans

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Having more accounts is not automatically a negative factor in your credit history.

For such installment loans, the important factors are how much total debt you owe and, of course, most importantly if you have missed any payments. It can be helpful if you have education debt from multiple lenders or student loan guaranty companies.

The new loan typically has a longer repayment period, often as much as 15 years, but may have a lower interest rate.

Each of those loans is a separate account, so it is standard practice for students to have multiple loans reported in their history.

Let’s take a look at a few of the pros and cons of consolidating your student loans.

If you have multiple student loans, consolidation can offer some simplicity to your repayment.

But if you do decide to consolidate your loans, it's good to keep in mind that you always have the option of paying more than your monthly payment which can save you money over time, while still having the flexibility of not having to make the higher monthly payments that you would have on a standard ten-year plan. If you're struggling to make payments on your original loans, you might consider repayment options other than loan consolidation, like an income-based repayment plan.

Or if you run into a financial hardship and need short-term relief, you might consider deferment or forbearance.

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