Loans coming back into repayment, effect on credit

[Downwithdebt]

I just graduated last week with my Master's degree. Now comes the fun time when the loans come back into payment status. I have $61,000 in combined loans (unsub and sub.) stafford loans for a 4 year B.S. degree and a Master's. There are about 12 or so tradelines associated with these student loans. My estimate of the payment (10 yr standard) is $700/month and I will likely be consolidating to reduce the amount to a little over $300/month.

 

I would like to know what others might have experienced regarding the following situation:

Consolidation would close my historical loans and 12 accounts would no longer be active, this seems to eliminate the denials I have gotten for "Too many open accounts." Might this reduction in total loans help my scores?

 

At this time, all loans are in good standing with no negative history except 2-3 months of late payments in May of 2003. They are all through Citibank.

 

Thanks.