Does consolidating your student loans affect your credit

You don’t need a credit score to apply for student loans, but that doesn’t mean that student loans have no relation to your credit.How you pay your loans back has a very big impact on your credit score. You don’t have to be just out of high school to take a federal student loan…but most of the people who apply for them are in that exact situation.With that in mind, it’s not surprising the federal government decided that you should be able to take out these loans regardless of your credit score.So there’s a good chance that you don’t have a really vast credit history when you take out these loans.The average student loan debt in this country is right around ,000, and only about 19% of 2009 college graduates are employed at their time of graduation. Student loan consolidation basically means combining multiple student loans into one.

Before you do that, ask for a copy of your credit report from each of them.Federal and Private There is also the distinction between the types of loans that you have.There are federal student loans and private student loans. If you have both, you should never consolidate federal and private loans together.When it comes to student loans, the landscape has certainly changed.Lenders who used to be major players in the game have disappeared, and the rules governing consolidation aren’t the same anymore. The answer may not be as easy as it seems, but hopefully we can help you navigate those waters.Federal student loans –whether they’re subsidized or unsubsidized –do not require a good credit score when you take them out.

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