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26 Feb

The student loan market is massive and keeps on getting bigger every year.Part of this is due to the rising costs of college tuition and part is due to the number of people attending college.Student loans usually appear on a credit report as multiple loans, but that doesn’t look bad to lenders.The reason has to do with the way student loans actually work as opposed to how we think about them.

Here are answers to some of the most common issues surrounding student loans and how they work.To consolidate student loan debt, you get a single loan that is then used to pay in full your outstanding debt from the various lenders who provided you with student loans.By doing so, you “consolidate” your student debt into a single loan.This is especially important because student loans are difficult to get rid of, even if you’ve had financial hardship or filed for bankruptcy.(You can see how your student loans affect your credit standing — and, as a result, your ability to qualify for credit cards, auto loans, etc.