SharpDr08 asked:


Does consolidation of student loans affect the credit score negatively?

NETTA M asked:


All total, I have 6 student loans on my credit report from 2 different companies. I write one check to each company per month. How will consolidation these loans effect my credit? I think these 6 accounts will be closed, and 1 new one for the combined total of the 6 opened. Will this drop my score?

Jonaskizal asked:


I am paying one consolidated federal loan, and I have 4 alternative loans about to begin. The only interest rate I can get (without a cosigner) is 9.5%…Should I just do 5 payments a month? That’s a lot of $$$ for a recent grad!

What would you do? If I take the 9.5%, over 20 years I will be paying about 35,000 in interest. That just seems ridiculous to me…

Ryan Z asked:


My girlfriend has two private student loans with 2 different companies with different rates. She wants to consolidate for a lower monthly payment. When she applies for the loan consolidation at a few different companies, how does this affect her credit score? Does each application she completes lower her credit score and then the next company she applies with now sees that she is loan shopping? If this is a confusing question, let me know and I’ll try to clarify. Thanks.
Ok, that first answer doesn’t help and isn’t relevant to the question. Anyone else have any input?
And now spam!??! Can someone please just answer my question?

StudentLoanMonkeyOnMyBack asked:


I have called at least a dozen places whose ads claim that they do private student loan consolidation. But when I called, every single one of them said they had either temporarily suspended or canceled their private student loan consolidation program due to the subprime mortgage crisis. Nearly all of them offered to consolidate my federal loans but I’ve already done that. A few of them actually named other places they thought were still doing it but when I called them, those places had also suspended their programs. So, if anyone out there has had recent success with consolidating their private student loans, please let me know. Thanks.

MM asked:


lame answers. give me a real place.

wooliebear07 asked:


I currently have my student loans consolidated through citi-bank. The payments are too high for me to keep up with. Can I consolidate again through another company or am I stuck with citi-bank. I desperately need a lower payment and citi-bank will not work with me.

DJ Ango asked:


I have $35,000 student consolidation loan which I have been paying off for the last two years with a 7.25% fixed rate. I’ve been paying double the monthly payment, but it’s been depressing seeing the interest eat up most of that. At this rate I’ll be paying it well into my 30s. Where should I go about refiancing? I have excellent credit, a well paying job, and interest lates are low now, so I figured it might be a good time to refinance. Is that a fair assessment? If so, where should I start?

J B asked:


My wife was having seizures when a student loan consolidator called and tricked us into thinking he was aes. His company is only one letter off and she thought he was having us go online to check her loan. She told him she was not with it and having seizures at the time, but he had her go through the web site and electronically sign a consolidation document. We didn’t want to consolidate the loan and when we figured out what happened we called back and had it canceled.

It has been 3 months now and we just received a consolidation package from another company in the mail. The first company sold our loan to another company even though they told us it was canceled. We never got a hard copy of the loan cancelation from the first company, and the second company isn’t letting us out of the loan.

Is there anything we can do? We have no evidence that we canceled the loan. We talked to an attorney and he said we didn’t have any options. Please help us come up with something we can do.

TIFFANY C asked:


I owe about $8000 dollars in student loans from various companies and I would like to consolidate into one monthly payment. Any suggestions?