Should I apply for a consolidation loan??

Iâ??m asking this because at this point the only debt that is showing on my CR is a credit card with a balance of about $4500 (my CL is $5000) and my student loan which is now in deferment. What I was considering consolidating is my credit card balance along with a school bill that I owe $4200 on (my financial Aid fell through). This school balance does not show up on my CR at all; itâ??s totally through the school, and I canâ??t get back into school until the bill is paid. Currently I am paying $400 a month on it to pay it down.

The main purpose for my consolidation would be to lower my monthly payments on the two bills and to get the balance I owe the school of the out of the school books so I can get back into school ASAP.

Consolidating the two bills would show on paper that I am now $8700 in debt as opposed to just $4500 (This is all taking onto account that I even get the loan).

I also plan on buying a car within the next two years.

Is it a bad idea to consolidate these to balances?

 

Thanks for the input. The school bill I'm referring to is not a loan but an outstanding bill from last semester. The school allows you to attend classes for a semester, but if the bill is not paid, you will not be allowed to register for the next semester. I'm currently paying off last semester's outstanding bill at no interest, but until it is off the schoolâ??s books, I wonâ??t be able to register to take classes again, which is my primary goal. At the rate Iâ??m paying it off it will take me 13 months to pay it off, which is a long time to be out of school.

I wasn't going to include the actual school loan that is in deferment in the consolidation.

My question is-- since either way both of these debts need to be paid off, would it be unwise (read: dumb), to add this new debt (the outstanding school bill, which has previously gone undetected on my credit history) to my credit debt?

Should I just continue to pay off the outstanding bill directly through the school?