Unlike these private lenders, the government does not seek to turn a profit from their student loan consolidations and there are several federal loan consolidation programs that do not require credit history checks.
One way borrowers who have bad or no credit history to obtain a private loan consolidation is to have a cosigner on the consolidation loan.
When it comes to bad credit student loan consolidation, federal loan programs are, in most cases, the best way to go.
Legitimate private lenders across the board, such as banks, require good credit from their borrowers in order to ensure competitive interest rates, and most private lenders will not even consider those borrowers who have a bad or no credit history.
Log in to Student with your When you create your FSA ID, your information is confirmed with the Social Security Administration (SSA).
This takes one to three days, and you'll receive an e-mail (if you provide one) when this is complete.
When it comes to federal student loans, bad credit isn't an issue.
For such installment loans, the important factors are how much total debt you owe and, of course, most importantly if you have missed any payments. It can be helpful if you have education debt from multiple lenders or student loan guaranty companies.Rather, they are charging you for a service that you really don't need to pay for.They use marketing tactics to make you think that you have to pay for their services to get student loan consolidation, but you don't.It is a little confusing because after you graduate, you probably will write one check to the lender each month to pay for the entire amount you borrowed.As long as you make the payments on time and in full, the multiple student loans showing on your credit report will not have any negative effect on your ability to get new credit.