One effects consolidating your student loans

To consolidate student loan debt, you get a single loan that is then used to pay in full your outstanding debt from the various lenders who provided you with student loans.

By doing so, you "consolidate" your student debt into a single loan.

Student loans usually appear on a credit report as multiple loans, but that doesn't look bad to lenders.

The reason has to do with the way student loans actually work as opposed to how we think about them.

Each has its own pros and cons, which we’ll get into in a little bit.But in general, here are some of the benefits and potential drawbacks when considering student loan consolidation.Hopefully, you tried to take advantage of financial aid in college — specifically, federal student loans — before turning to private loans, which often carry a higher interest rate and come with fewer borrower benefits.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.

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But before you head down that road, here’s what you should know.

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