Student Loans
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Your school got a check for every semester you were enrolled.
Even if you are making only one loan payment, you could have between 8 to 16 different loans on your credit report, if the loans are not consolidated. That can make building your credit difficult because of too many open accounts on your credit report.
Got it!
Consolidating your loans takes about 30 minutes online!
Go to studentaid.gov to complete the student loan consolidation process, reducing the loans to one account. Your score will decrease when doing this because you're reducing your credit age, but this will be better for your credit in the long term!
Got it!
If the student loans are unconsolidated, even one late payment results in each account being marked late.
That means 1 late payment equals out to 8 late payments on your credit report. That could drop your score over 200 points! That's why it's a good idea to consolidate your student loans if you can.
Got it!
Consolidating student loans will help a couple ways.
First, you're reducing the number of accounts down to one. That fixes the issue where you have a diluted credit file. This makes building good credit easier in the future. It will also prevent you having a huge penalty from one accidental missed payment!
Got it!
Student Loans
Wendy Massengill
Created on October 9, 2025
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Transcript
Student Loans
Quiz
Start
Congratulations!
You have completed this quiz!
Want a year of free rent reporting?
Enter for a chance to win!
Your school got a check for every semester you were enrolled.
Even if you are making only one loan payment, you could have between 8 to 16 different loans on your credit report, if the loans are not consolidated. That can make building your credit difficult because of too many open accounts on your credit report.
Got it!
Consolidating your loans takes about 30 minutes online!
Go to studentaid.gov to complete the student loan consolidation process, reducing the loans to one account. Your score will decrease when doing this because you're reducing your credit age, but this will be better for your credit in the long term!
Got it!
If the student loans are unconsolidated, even one late payment results in each account being marked late.
That means 1 late payment equals out to 8 late payments on your credit report. That could drop your score over 200 points! That's why it's a good idea to consolidate your student loans if you can.
Got it!
Consolidating student loans will help a couple ways.
First, you're reducing the number of accounts down to one. That fixes the issue where you have a diluted credit file. This makes building good credit easier in the future. It will also prevent you having a huge penalty from one accidental missed payment!
Got it!