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lilsis8677

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how would it effect my credit if I consolidated my student loans?
I have multiple student loans and it is difficult to keep up with which one is due when and I am worried about missing or having a late payment but don't want to do anything else to hurt my credit either, just wondering how exactly this will effect my credit.

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Sounds like a good idea!!

If you can consolidate those loans, it'll sure make it much easier to keep track of payments and get the loans paid in full without the risk of default.  And every positive report on your credit record is going to help.

A very important fact, also, is that student loans remain due until such time as they are paid off.  Unllike any other financial instrument, they do not have a statute of limitations and cannot generally be discharged in bankruptcy.

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Another consideration is the term of the loans themselves. Consolidating loans may make one or more ineligible for federal programs that might otherwise forgive all or a portion of the loan. Before you consolidate a student loan make sure you know what you are giving up!

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Consolidating student loans

Consolidation can be helpful, but be aware that not all loans will be eligible for consolidation. An alternative to keeping track of loan payments is to change your due dates. But you can only do that if you are current in your payments. I consolidated my federal loans, but my TERI loan and my private loan can not be consolidated Apparently TERI loans don't play well with others.

Definitely investigate having your payments automatically deducted as that can lower your interest rate. But be sure to keep up to date on your payments.

Good Luck

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