Does consolidating your student loans hurt your credit
I get plenty of emails from readers with six-figure student loans for degrees in social work who have a very difficult financial road ahead.
I then set up automated monthly payments through each student loan servicer’s Website.shows you charts of your loans by balance, payment, and APR, so you know where to focus your payments.You can also get targeted advice on applying for options like deferments, payment plans, forbearance, or consolidation.But first things first: When you’re starting down a big student loan balance, you want to be sure to do two things: The best way to deal with your student loans is to make a plan, get organized, automate your payments and forget them.
Loan consolidation can help if you’ve got lots of different lenders, but it’s not necessary if you’re organized.
What they’ve done seems cool so far; I’m not sure it’s necessary if you only have a couple of loans, but if you have a half dozen or more this may definitely help keep them straight. You probably know by now that if you stop paying a credit card bill, your credit score goes down and it will be difficult to get new credit when you need it.