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Posted in Student Loans
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mrstone14

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Why did my loan age restart when I did the Special Student Loan Consolidation?
Last year I took advantage of the Special Student Loan Consolidation program the federal government offered. Most of my loans originated about 6-8 years ago. However, once I consolidated, the age on those loans was reset. It has affected the grades of my credit significantly. Why has this happened?

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Student Loans don't vanish

The Special Consolidation Program is something new in helping get the student loans repaid and its like getting a consolidation loan to pay off the credit cards.  It's considered a different financial action so the time of initiation is the new start date.

FYI-Student loans will remain on your credit record until at least 7 years after they are paid in full.  They cannot be discharged in bankruptcy and there is no statute of limitations on them.  So, getting them paid off ASAP will take that headache out of your budget.

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