Should I consolidate my student loans?
Over the last 6 years I have accumulated a decent amount of student loans. On my credit report, I have 12 separate student loans listed although all 12 are from wells fargo. Every time I received money, it is listed as a separate student loan. My question is if I consolidate to 1 student loan, will it improve my credit rating? I am looking to buy a car soon, and would love to get better financing.
Yes, I would recommend consolidating with Direct Loans (the federal loan company). With Direct Loans, you don’t have the chance of a private bank jacking your interest rate, and you have many more options for deferments forbearances, payment plans, and best of all, US Dept. of Ed doesn’t report negetively to the credit bureaus until 60 days past due. Basically, you’re going to have more options, and probably a lower interest rate. Best of luck!
