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Posted in Student Loans
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skigirl916

3 Contributions
10 People Helped
1 student loan showing up as 6 - big effects! Help!
3 years = 6 semesters = technically 6 loans, despite making one single payment to Sallie Mae that is then allocated to each of those loans. They are private loans, and private loans cannot be consolidated without getting gauged with exorbitant interest rates.

The problem this poses is, due to some financial troubles over the past year, I fell behind and was continuously 30 days behind on what I had always thought was my student LOAN (singular), but in fact was 6 loans. So, I was late on 6 loans every month for almost a year...amounting to 72 late payments in a single year.

You can imagine the hit on my credit report!!!

Is there any way to get Sallie Mae to report as a single loan, instead of 6, from here on out? Or to do something to my credit report to reflect this?

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Top Contributor
119 Contributions
1099 People Helped

Consolidation is the only way to take care of that. My undergrad loans are the same way, since some of them were federal a few of them got consilidated when I did my grad school federal loans so some of my accounts closed. About 4 years ago I had about 3 separate months that I was past due and got hit with about 5 late payments per time due to the multiple accounts. Now that time has passed and I have a good payment history I tried to get them to remove it has a courtesy and they refused, so basically we are stuck dealing with it. Just know that as each year passes the late payments hurt less and less. My credit union said they don't even consider them if they are older than 2 years.

On the other hand if you are financially stable now, just know those 6 accounts also mean 6 on-time payments credits per month which is good, and it also means more accounts which is good for your credit. Just ride out the late payments and eventually the 6 accounts will just be a positive.

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