Late Payments with SLs

[Anonymous]

My student loans will kill me with 6 90,120 day lates. It has been a year. HOW MUCH WOULD CONSOLIDATING HURT OR HELP THIS?

[MarineVietVet]

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@Anonymous wrote:

My student loans will kill me with 6 90,120 day lates. It has been a year. HOW MUCH WOULD CONSOLIDATING HURT OR HELP THIS?

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I know next to nothing about SL's.

Have you asked this in Student Loans?

[SCF]

Consolidating will not remove any of the previous late payments.  It will create one (or more if you have more than one type of federal loan) new tradeline(s) that will not have any late payments.  Are these federal loans?  Are they in default?  If so, you should search these forums for information on rehabilitation.  Rehab takes longer than consolidating, but it does offer some benefits for your credit report in return.

[gilesjp1]

If the history  of  late payments remain on the paid (consolidated) loans and the closed loans stay on your report for seven years, thenyou can get rid of the lates faster by not  consolidatng imo and just pay the loans keeping them current until the lates fall off.

[Anonymous]

Consolidating them will take them out of delinquency status.  I'm surprised they havent started garnishing your paychecks or taxes based on the length of time that you have been delinquent.  You may want to check out http://governmentstudentloanforgiveness.com to learn them steps to getting into the income based repayment options in the consolidation.  You can get payments as low as zero dollars, literally, zero dollars and it still counts as a payment.