Questions about consolidating student loans

[Gaddi]

Hey all,

 

I have a ~2 years old 30 day late on my direct loan. I want to consolidate that and a few other FFELP loans this year to take advantage of lower interest rates. A few questions.

 

1- The above 30 days late is not showing on one of my reports (that month is showing OK). Will consolidating the loans increase the likelyhood that this will be discovered and corrected? In general, how likely are corrections where a 'late' shows up after it has been reported as "ok" for that pay period?

 

2- The 6 student loans that I want to consolidate are the only installment accounts that I have. After consolidation I wil have only 1 open account. Is consolidation going to have an impact on credit score/worthiness?

 

3- Will the gov pull a hard for direct consolidation loans?

 

Thanks!

Edited July 18, 2009 by Gaddi

[LynnInMN]

Hey all,

 

I have a ~2 years old 30 day late on my direct loan. I want to consolidate that and a few other FFELP loans this year to take advantage of lower interest rates. A few questions.

 

1- The above 30 days late is not showing on one of my reports (that month is showing OK). Will consolidating the loans increase the likelyhood that this will be discovered and corrected? In general, how likely are corrections where a 'late' shows up after it has been reported as "ok" for that pay period?

 

No it will not likely be discovered.

 

2- The 6 student loans that I want to consolidate are the only installment accounts that I have. After consolidation I wil have only 1 open account. Is consolidation going to have an impact on credit score/worthiness?

 

3- Will the gov pull a hard for direct consolidation loans?

 

Federal loans are not credit based.

 

Thanks!

[Gaddi]

Thank you Lynn! I think I will go ahead and consolidate my loans given the great interest rates in effect now. I can consolidate all for around 2.6%!