Will consolidating my student loans increase my credit score
This is the first post I have made on the forums so be easy with me please!
My husband and I are recently out of bankruptcy, discharged April 2014.
Once your loans are consolidated into one payment, you retain the fixed interest rate for the life of your loan.
In order to be eligible for consolidation, you must have one Direct Loan or Federal Family Education Loan (FFEL) in repayment or in a grace period. Borrowers can consolidate defaulted loans, but they must make arrangements with their loan servicer or repay the Direct Consolidation Loan with an income-driven plan.
The only thing neither of us touched the first year was our student loans which was probably a mistake.
Debt is costly and can prevent us from reaching financial goals (or at least prevent us from reaching them when we’d like to).