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Posted in Student Loans
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Question By
benmanion

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Federal student loans: same account, multiple listings. Why?
I am working on rebuilding my credit following a bankruptcy and in looking at my credit report I have multiple instances of student loans with different balances but the same account numbers. This is a problem because it is effecting my average credit age since every term a new instance appears. Is there a way to consolidate all of these instances into one since they are all the same account?

Thanks.

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Yes you can consolidate them

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When you graduated you should have gone through exit counseling through the federal student loans website. This counseling explains how you should go about paying off loans and different options available to you. They are in different instances because they are likely different loans taken at different times (often with varying interest rates). Say you went to school for four years. You may have had some subsidized loans (deferred interest) and unsubsidized loans in the same year. Each of these loans for each year should be its own separate entity until you consolidate them. 

TLDR: Contact your loan servicer to consolidate the loans into one interest rate and one payment.

Reply by
MikenStL

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One big caveat to consolidating student loans is that after combining the date at which they may get "written off" resets with new terms.

Also, if you were able to take advantage of some of the programs that pay towards your loan, such as some nursing loans where if you work in an underserved area they pay 20% a year towards the loan, once consolidated they may, or may not, be covered by the forgiveness programs.  It just depends on the stipulations of that program.

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