For such installment loans, the important factors are how much total debt you owe and, of course, most importantly if you have missed any payments. It can be helpful if you have education debt from multiple lenders or student loan guaranty companies.To consolidate student loan debt, you get a single loan that is then used to pay in full your outstanding debt from the various lenders who provided you with student loans.Refinancing offers a way to start over with a new interest rate and terms.So that makes it an ideal solution if you have a student loan with an interest rate or monthly payment that is too high.Reducing the interest rate on an expensive loan can potentially save you thousands or even tens of thousands of dollars over the life of the loan. I have a good job, but I have more than 0,000 in college loans from different banks coming due in two months. A: First, check to see if you have any federal loans, like Staffords.As long as you make the payments on time and in full, the multiple student loans showing on your credit report will not have any negative effect on your ability to get new credit.Having more accounts is not automatically a negative factor in your credit history.
But with 0,000 in debt, you probably have some private loans in your portfolio, too.Consolidation, on the other hand, is a strategy used when you owe balances on more than one student loan.As you may have experienced, since each of those separate loans has its own monthly payment, interest rate, and terms it can be complicated to manage all of them.The reason has to do with the way student loans actually work as opposed to how we think about them.Even when you are applying through the same lender, you are basically taking out a new loan each semester or year.