Poor credit consolidating loan
, and once a private loan is put with a federal loan, all of the federal loans loose their benefits. Consolidating your private student loans is no easy task with a bad credit score. The one conceivable exception would be if you were to get someone to cosign on your consolidated student loans.
As these consolidated loans can often be larger than 0,000 finding someone with good enough credit willing to sign may not be possible.
As you can imagine, a record of debt repaid is a good thing.
Depending upon how your loans are consolidated, it could read that your loans were refinanced or it could just say that you paid in full. One final advantage of consolidating your student loans is that it can often lower your monthly payments.
When dealing with private loans, instead of consolidation, may be your best bet.
Another option would be just to get an unsecured loan and use it to pay down the balance on your student loans.
However, there are loans for bad credit available and here we highlight your choices and the issues you need to consider.
Ultimately, if you have good or bad credit and are thinking about consolidating your student loans, it will depend upon the type of loans that you have.
For Federal Loans, consolidation is usually a great idea, but for private loans it gets more tricky and it is important to be careful who you do business with.
If you read every article on this website, and you only learn one piece of information it should be to not consolidate your federal loans with your private loans.
This is a mistake that could cost you a fortune in the long run.