Does consolidating student loans hurt my credit score

Here are the student loan repayment plans that qualify for student loan forgiveness: The Income Based Repayment Plan (IBR) is one of the most common repayment plans borrowers switch to if they are having financial hardship.If you have loans from July 1, 2014, you payment will not be higher than 15% of your discretionary income.That can help you meet your other financial obligations.The trade off is that because you repay the debt over a much longer period, it will cost you more over time to repay, even at a lower interest rate.

Each of those loans is a separate account, so it is standard practice for students to have multiple loans reported in their history.The key difference is that certain loans going back to 2007 qualify for this plan.With PAYE, you loan repayment will never exceed the payment of the 10 year standard repayment plan, and your loan will also be forgiven at the end of the term.If you’re not sure about doing it yourself, then Ameritech can help you find the repayment solution that’s right for you, and potentially restructure your loans so that you can qualify for programs you may not otherwise have qualified for.You can call them at 1-866-863-3870 or check out their website here.

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