Considering SL consoldation: questions

I'm only guessing here....I work in higher ed but not in the financial aid dept....I think that if you consolidated, they would show the accounts were closed by consumer and that all accounts were paid on time, then there wouuld be another tradeline for the consolidation loan. I don't know how you keep track of 10 seperate loans! I have a bunch of student loans too but am still in school. I am going to have to consolidate sometime too.......again I am sure someone else that knows more about this will be able to give you better advice but it sounds like you have the right idea.

Wow!!! You must have been waiting to pounce on my questions! Thank you.

I'll wait around for better advice, but I think I'm on the right track here. I'm primarily interested in the effect a consolidation may have on my poor, long-suffering credit scores. I'd as soon not drop them needlessly. It's taken years to recover from ex-wife syndrome, and I'm still working at it. Any idea what the effect of those lines reporting as 'closed by consumer' might be?

Keeping track of ten separate loans isn't really difficult, just time-consuming. And the one commodity of mine that's always in shortest supply is my time. My lender vsac.org] is great. I only make a single combined payment online each month, and they divvy it up and apply it where it needs to be applied. But I still have to keep track of when it got paid, when/if it got debited from my bank account, and whether it got posted properly. Then there's the added hassle of tracking the occasional advance payment to principal, and, and.... You see where I'm at, I'm sure.

I just happened to be here right after you posted! You are quite welcome. :)

I think that you are on the right track too and answered your own question! I don't know if consolidation would make your credit better or worse. I know someone will be along soon to answer that!

I have a question of my own that maybe you can help with! Is it better to wait until you are completely done with school to consolidate or consolidate at any time? I am really scared about the whole consolidate/don't consolidate thing.....and I have WAY more student loans than you...I'm jealous!!!!

[quote=Sassnlucy]I just happened to be here right after you posted! You are quite welcome.[/quote]

You weren't lurking in the shadows to pounce on me? But I thought...

Damn.





[quote=Sassnlucy]I think that you are on the right track too and answered your own question! I don't know if consolidation would make your credit better or worse. I know someone will be along soon to answer that!

I have a question of my own that maybe you can help with! Is it better to wait until you are completely done with school to consolidate or consolidate at any time? I am really scared about the whole consolidate/don't consolidate thing.....and I have WAY more student loans than you...I'm jealous!!!![/quote]

Check with your school's financial aid department and your lender regarding the pros and cons of consolidation at different times. There's likely a raft of info on your lender's website, too, or you can read what's on my lender's site here. I'm thinking that the DofE has some info on this, as well.

As to loan type/number/amount comparisons... If you knew the big picture, you might not be so jealous. I've been in and out of college since the 1970s, and I'll be heading back before much longer. It gets tedious after a while, it does....

Ok, you caught me. But don't tell anybody ok? :oops:

I will check into it, thanks! I will go look on Sallie Mae's web site. I hopefully won't get any more student loans but that money is just too convenient when you are desperate!

I have been going to college since 2002 and still not finished with my bachelors and when I am done with that I will start my master's.