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.
Having more accounts is not automatically a negative factor in your credit history.
For such installment loans, the important factors are how much total debt you owe and, of course, most importantly if you have missed any payments. It can be helpful if you have education debt from multiple lenders or student loan guaranty 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.
However, loan consolidation is not always the answer.One way to consolidate your debt is to apply for a federal Direct Consolidation Loan.With this method, the Direct Consolidation Loan is used to pay off your old debts.If you’re feeling overwhelmed by your student loans, you can take comfort in the fact that you’re not alone: Over 44 million Americans have student loan debt today.You might have a mix of both federal and private loans and have several different loan servicers.