Frequently Asked Questions About Student Loan Debt

Do I need good credit to consolidate my loans?

Regardless of your credit score, you will be able to get debt consolidation your student loans. The only thing that will change is the amount of interest that you will be paying. The worse your credit score is, the more interest you will usually have to pay.

Will my credit score suffer if I get debt consolidation on my student loan?

Depending on what type of consolidation you use, your credit score will vary. However, there are ways to pull up your credit score and keep it high by paying all of your monthly fees on time as well as paying off your loans early.

How long can I defer my loan?

The length that you are allowed to defer a loan depends on what type of deferment option you get. For instance, if you get the graduate school deferment plan option, you have until you get out of graduate school to defer your loans. However, if you get the employment deferment plan, you have until you make a decent salary to defer a plan. There are always certain deadlines as well that vary from loan companies.

Can I consolidate two different types of student loans together?

You can almost always consolidate student loans from different companies together, depending of course on the reliability that you will pay them back. Although the company has the ultimate say in this, most companies are willing to negotiate a plan of consolidation that includes another company’s loan.