I have several school loans that are ruining my credit! I talked to a debt counselor and they wouldn’t take me as a client because my only debt is student loans so they referred me to the Studentloans.gov website and suggested i consolidate my loans? I just applied for a mortgage loan and of course my score is too low, I am so disappointed I don’t have a life with this. Would the consolidation help my credit? Would it show on my credit as something good or bad?
May 3, 2014
Are these federal loans? If so consolidation is an option but it isn’t your only one. There are also other ways to get your loans back on track. Have you looked into an income driven plan such as IBR or PAYE? These plans limit your monthly payment to a small portion of your income (they can be as low as $0 per month). There are many options to get federal loans back on track. Call your servicer to discuss the pros and cons of the options that you have.
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