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Jan 27, 2017 11:55 AM EST

After you graduate from college and you have a student loan, this will appear on your credit report. These loans, however, can have a positive or negative effect on your report. If you pay them on time, then they become an advantage. However, if you go into default or have miss payments, they will become a disadvantage. If you have no idea how to make that into an advantage, here are some ways how to do that.

Examine the payment options

The federal loan payment offers different options so that you can pay them off in concurrence with your earning capability. You can also ask if your current situation makes you eligible for deferment, which allows you to either stop payment for a period of time or reduce the amount of your payment. What's good about a loan deferment is that it doesn't impact your credit score negatively since that type of payment has been agreed upon. Speaking of deferment, you might also consider another option which is based on your income and more sensitive to the money you have at the moment.

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Consolidate your loans

Consolidating your loans right after graduation is advisable, especially if you have made different types of loans when you were a student. The primary reason for doing so is that you won't miss a payment as it can get confusing. More so, too many of them appearing on your credit report might look very messy. Lastly, it will be easier to pay them when you consolidate them because you will have one payment to make every month.

Don't ignore your loans

Ignoring your problems won't make them go away and the same is true with your loans. In fact, ignoring or defaulting on it will result in a series of negative results that will not only affect your credit score but will also restrict your ability to have alternative payment options. When you default from paying your student loan, it can stay on your credit report for seven years.

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