Student Loans

[laz98]

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calihlove75 wrote:

Question: I have several stafford loans in deferment and it makes my CR look so sloppy. I have opened ones and ones that were transferred and closed, etc. Once I graduate next semester, and if I consolidate. will it only show up as ONE open student loan and the rest closed?

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Yes, all of your other accounts should be closed & one new giant one will be opened.

[SwiftTone]

i guess if you take subsidized and unsubsidized every semester, that's 4 new accounts a year.

I talked to my financial aid office just now. I am planning on apping for one more credit card in the fall. I don't want anymore accounts before then. They said I can choose to just take a loan for the spring, but I can still take it for the full alowd amount for the school year. That way it will just report in the spring. I don't really need a student loan, I mainly use it as a way of having emergency money or use the funds for school so my education doesn't get interupted if my income gets disrupted.

Questions though: Once I finish school and decide to consolidate my loans for easier management. The big consolodated loan will show up as a new account, the bunch of student loans will show closed. However, do the small loans still get reported for the next 10 years?

[calihlove75]

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laz98 wrote:

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calihlove75 wrote:

Question: I have several stafford loans in deferment and it makes my CR look so sloppy. I have opened ones and ones that were transferred and closed, etc. Once I graduate next semester, and if I consolidate. will it only show up as ONE open student loan and the rest closed?

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Yes, all of your other accounts should be closed & one new giant one will be opened.

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Th

Thank you so much!

[laz98]

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SwiftTone wrote:

Questions though: Once I finish school and decide to consolidate my loans for easier management. The big consolodated loan will show up as a new account, the bunch of student loans will show closed. However, do the small loans still get reported for the next 10 years?

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Yes

[sandcv]

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laz98 wrote:

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SwiftTone wrote:

Questions though: Once I finish school and decide to consolidate my loans for easier management. The big consolodated loan will show up as a new account, the bunch of student loans will show closed. However, do the small loans still get reported for the next 10 years?

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Yes

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This is interesting to me, because this was not my experience.  During the four years I was in school, I remember that when I looked up my stafford loans online they all showed up as seperate loans for each semester, but when I graduated they were all lumped together into two loans.  This was done by the lenders - I never consolidated anything.  They report to the CRA's as two loans and only two loans (since graduation anyway - I don't know how they reported before then).  They also both happen to be with the same servicer, who pulls one autopayment from my bank account each month.

Is my situation unusual?  Perhaps my experience is due to receiving funding from a small number of lenders.  I'm just asking out of curiosity - it never occured to me that other people might have a huge mess of stafford loans all reporting and billing them seperately.

[laz98]

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sandcv wrote:

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laz98 wrote:

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SwiftTone wrote:

Questions though: Once I finish school and decide to consolidate my loans for easier management. The big consolodated loan will show up as a new account, the bunch of student loans will show closed. However, do the small loans still get reported for the next 10 years?

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Yes

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This is interesting to me, because this was not my experience.  During the four years I was in school, I remember that when I looked up my stafford loans online they all showed up as seperate loans for each semester, but when I graduated they were all lumped together into two loans.  This was done by the lenders - I never consolidated anything.  They report to the CRA's as two loans and only two loans (since graduation anyway - I don't know how they reported before then).  They also both happen to be with the same servicer, who pulls one autopayment from my bank account each month.

Is my situation unusual?  Perhaps my experience is due to receiving funding from a small number of lenders.  I'm just asking out of curiosity - it never occured to me that other people might have a huge mess of stafford loans all reporting and billing them seperately.

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Are your loans federal or private?  I wonder if that makes a difference.

[GST2008]

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calihlove75 wrote:

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laz98 wrote:

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calihlove75 wrote:

Question: I have several stafford loans in deferment and it makes my CR look so sloppy. I have opened ones and ones that were transferred and closed, etc. Once I graduate next semester, and if I consolidate. will it only show up as ONE open student loan and the rest closed?

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Yes, all of your other accounts should be closed & one new giant one will be opened.

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Th

Thank you so much!

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This is close, but not correct.  It will be two giant loans lol.  When you consolidated (I did in February) they divide the amounts into a giant subsidized loan and a giant unsubsidized loan, similar to the way that they report as individual loans.

[sandcv]

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laz98 wrote:

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sandcv wrote:

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laz98 wrote:

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SwiftTone wrote:

Questions though: Once I finish school and decide to consolidate my loans for easier management. The big consolodated loan will show up as a new account, the bunch of student loans will show closed. However, do the small loans still get reported for the next 10 years?

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Yes

---

This is interesting to me, because this was not my experience.  During the four years I was in school, I remember that when I looked up my stafford loans online they all showed up as seperate loans for each semester, but when I graduated they were all lumped together into two loans.  This was done by the lenders - I never consolidated anything.  They report to the CRA's as two loans and only two loans (since graduation anyway - I don't know how they reported before then).  They also both happen to be with the same servicer, who pulls one autopayment from my bank account each month.

Is my situation unusual?  Perhaps my experience is due to receiving funding from a small number of lenders.  I'm just asking out of curiosity - it never occured to me that other people might have a huge mess of stafford loans all reporting and billing them seperately.

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Are your loans federal or private?  I wonder if that makes a difference.

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Federal.

[laz98]

I don't know then.  All of mine are federal as well, & they show up individually.  I actually hope that doesn't change.  That will be the greatest thing I could ever do for my AAoA!