Consolidating my student loans
wiki How is a “wiki,” similar to Wikipedia, which means that many of our articles are co-written by multiple authors. Most students need to borrow money to pay for college, and many struggle to make their payments after graduation.
To create this article, 25 people, some anonymous, worked to edit and improve it over time. If you are juggling more than one payment on your loans (whether they are federal, private, or both), or if your federal loans are currently in default status, consolidation may help you manage your debt and protect your credit.
If you consolidate a defaulted loan, the record of the default (as well as late payments reported before the loan went into default) will remain in your credit history.
Late payments will remain on your credit report for seven years from when they were first reported.
Relationship-based ads and online behavioral advertising help us do that.
Here's how it works: We gather information about your online activities, such as the searches you conduct on our Sites and the pages you visit.
If you opt out, though, you may still receive generic advertising.
However, your credit history will still show late payments that were reported by your loan holder before the loan went into default.
One option for getting your loan out of default is loan rehabilitation.
To start the loan rehabilitation process, you must contact your loan holder.
Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or My Merrill.
These ads are based on your specific account relationships with us.
However, loan rehabilitation provides certain benefits that are not available through loan consolidation.