One effects consolidating your student loans

As financial expert Dave Ramsey once wrote, “You can only do it once.”Applying for any line of credit requires serious consideration and weighing of risks and rewards.

When it comes to student loans, the stakes are even higher — without them, some students could never attend school.

Your credit history is a snapshot of who you are financially.

Student loan debt has reached a staggering

As financial expert Dave Ramsey once wrote, “You can only do it once.”Applying for any line of credit requires serious consideration and weighing of risks and rewards.When it comes to student loans, the stakes are even higher — without them, some students could never attend school.Your credit history is a snapshot of who you are financially.Student loan debt has reached a staggering $1.16 trillion in outstanding balances.

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As financial expert Dave Ramsey once wrote, “You can only do it once.”Applying for any line of credit requires serious consideration and weighing of risks and rewards.

When it comes to student loans, the stakes are even higher — without them, some students could never attend school.

Your credit history is a snapshot of who you are financially.

Student loan debt has reached a staggering $1.16 trillion in outstanding balances.

.16 trillion in outstanding balances.

Although this is not a surefire way to get a consolidated loan application approved, it can be a beneficial tool.While having a plethora of credit lines can be detrimental to your credit, having a handful of well-managed debts can boost your score over time.One thing to keep in mind, as your monthly payments go down, your ration of debt-to-income also goes down – this factor is particularly important as you go forward and try to open more lines of credit in the future (like mortgage loans, specifically).The short answer to that question is: Just like any other line of credit affects your credit score.The long answer is: It’s complicated, and important to do correctly.

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In other words, while paying off a loan is inevitably a good thing for credit scores, holding an account open and responsibly managing the debt can actually be more beneficial to your credit score than paying it all off in one lump-sum.

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