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Does consolidating student loans hurt your credit score

The chart below is a guide for how the FICO score is calculated for the general population.

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.

First, there is getting a student loan or loans for school.

Also, not all debts can be discharged in a bankruptcy. Collection accounts fall off your credit report after seven years.

If you don’t take important steps to manage the debt, your credit score could be seriously impacted.

And, most importantly, this can have a lasting negative impact, making it more difficult to buy a car, get a mortgage, or reach other financial milestones.

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