Student Loans
Quiz
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Your school got a check for every semester you were enrolled.
Even if you are making only one payment, you could have between 8 to 16 different loans on your credit report, if they are not consolidated. That can make building your credit difficult.
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. That's when your positive activities, like rental reporting, are not as impactful, because there are too many open accounts. It will also prevent you having a huge penalty from one accidental missed payment!
Got it!
If the student loans are unconsolidated, even one late payment means every loan payment is reported late.
That means 1 late payment equals out to 8 late payments on your credit report. The late payment penalty is about 30 points each. That will drop your score over 200 points and affect your credit for two years! That's why it's a good idea to consolidate your student loans if you can.
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!
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 payment, you could have between 8 to 16 different loans on your credit report, if they are not consolidated. That can make building your credit difficult.
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. That's when your positive activities, like rental reporting, are not as impactful, because there are too many open accounts. It will also prevent you having a huge penalty from one accidental missed payment!
Got it!
If the student loans are unconsolidated, even one late payment means every loan payment is reported late.
That means 1 late payment equals out to 8 late payments on your credit report. The late payment penalty is about 30 points each. That will drop your score over 200 points and affect your credit for two years! That's why it's a good idea to consolidate your student loans if you can.
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!