I have just consolidated my SL originally held with Citibank. Before and during the consolidation process I managed to accumulate some lates. These lates have been reported for each amount borrowed. Since I borrowed for 6 semesters there are a total of 6 negative posts.
How can the creditor report 6 negatives (the lates) for one account? Does anyone know the laws governing how creditors report student loans?

It’s just the weird (and, in this case, detrimental, but other times it’s not) way that student loans are reported. Each semester was a separate “loan” for CR purposes – different open date and all that. However, when you make your payment, it’s going toward all of them on a proportional basis. So, even though you only make one payment, you’re basically paying on 6 loans at once. Assuming all of the amounts owed on each of the 6 loans are the same (which they’re probably not because of interest, but it’s easier if we assume that!!) and that you paid $300/month, then $50/month is being credited to each of those loans, with some amount toward principal and some toward interest. The bad part is, if you’re late on that payment, you’re late on paying ALL of those loans. I had that little surprise with my TWELVE loans, so I definitely feel your pain!!!

As far as the laws governing it, I’m not sure. That part I think follows the same rules as any other loan. Basically, I would assume it would be the same rules that would govern if you had auto, mortgage, and personal loans all with one bank that they let you pay with one check. If that check is late, then all three of those loans will report lates, even though it’s only one payment and one issuer.

Hope this helps!!

Well, I spoke with Experian and the rep told me that even though each amount was showing negative it is actually like one account as far as calculating your FICO score. Don't know if that's true but I will find out.