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It is a little confusing because after you graduate, you probably will write one check to the lender each month to pay for the entire amount you borrowed.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.Recommended Student Loan Consolidation Companies The average college grad leaves school with ,000 worth of debt.But if you switched majors, transferred colleges, or went on to graduate school, you may be among the 19% that owe ,000 and above, or the 5.6% who owe more than 0,000.It’s important to note that when you refinance, you can decide which loans you want to refinance and which, if any, you’re happy to keep at their current terms.Some people may want to refinance all their loans, and for other it may make sense to only refinance some of them.
The trade off is that because you repay the debt over a much longer period, it will cost you more over time to repay, even at a lower interest rate.
Even when you are applying through the same lender, you are basically taking out a new loan each semester or year.
Each of those loans is a separate account, so it is standard practice for students to have multiple loans reported in their history.
Instead, your loan is managed by a lending institution, such as a bank, credit union, college foundation, or a state agency.
Interest rates on private consolidation loans are based on your credit and market conditions, which means your new interest rate will depend on your current credit score.