Student Loan Consolidation

haha · 11-19-2004, 07:56 PM

My wife has Federal Stafford Student Loans which she consolidated with the Federal Loan Program at about 5% several years ago. Her balance is $16,850 and her payment is $158 monthly.

I think she cannot consolidate again with this same Federal Wm. Ford Program, or any other federal program that might exist. Is this true? Can she consolidate with a private lender? I know there are large benefits to the federal loans, including postponement should she go back to school, forgiveness under certain circumstance, etc.

But it seems that interest rates are much lower, so it might be a good idea anyway if it is possible to consolidate again.

I don't have any experience with this, and I will greatly appreciate any comments or ideas.

Thanks, Mikey

brewer12345 · 11-20-2004, 07:47 AM

You are stuck. You only get to pull the consolidation trigger once. If you want to get a lower rate, you'd have to refi with some other kind of loan. If the rate bothers you, I would just try to pay it off.

haha · 11-20-2004, 10:00 AM

Thanks Brewer. I thought this would be the answer. Really, I think the rate is not too bad. I was just looking to make it better if possible.

Mikey

yelnad · 11-22-2004, 04:28 AM

I keep hearing that changes in the Higher Education Act will allow for re-consolidation, but I haven't seen them yet. I'm hoping. Mine are at 7.25%

11-19-2004, 07:56 PM	#1
haha Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Apr 2003 Location: Seattle Posts: 8,480	Student Loan Consolidation My wife has Federal Stafford Student Loans which she consolidated with the Federal Loan Program at about 5% several years ago. Her balance is $16,850 and her payment is $158 monthly. I think she cannot consolidate again with this same Federal Wm. Ford Program, or any other federal program that might exist. Is this true? Can she consolidate with a private lender? I know there are large benefits to the federal loans, including postponement should she go back to school, forgiveness under certain circumstance, etc. But it seems that interest rates are much lower, so it might be a good idea anyway if it is possible to consolidate again. I don't have any experience with this, and I will greatly appreciate any comments or ideas. Thanks, Mikey __________________ "Show 'em just enough to win the turkey."- Former KY Governor Bert Combs

11-20-2004, 07:47 AM	#2
brewer12345 Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Mar 2003 Posts: 9,249	Re: Student Loan Consolidation You are stuck. You only get to pull the consolidation trigger once. If you want to get a lower rate, you'd have to refi with some other kind of loan. If the rate bothers you, I would just try to pay it off. __________________ “When you realize that you are one of the rare few who observe moral principles in their relationships with others, there is a temptation to sink into amorality, not out of conviction or pleasure but simply to avoid further pain, because there is no greater suffering than being an angel in hell, whereas a devil feels at home wherever he goes.” – Martin Page, How I Became Stupid

11-20-2004, 10:00 AM	#3
haha Give me a museum and I'll fill it. (Picasso) Give me a forum ... Join Date: Apr 2003 Location: Seattle Posts: 8,480	Re: Student Loan Consolidation Thanks Brewer. I thought this would be the answer. Really, I think the rate is not too bad. I was just looking to make it better if possible. Mikey __________________ "Show 'em just enough to win the turkey."- Former KY Governor Bert Combs

11-22-2004, 04:28 AM	#4
yelnad Recycles dryer sheets Join Date: May 2004 Posts: 491	Re: Student Loan Consolidation I keep hearing that changes in the Higher Education Act will allow for re-consolidation, but I haven't seen them yet. I'm hoping. Mine are at 7.25% __________________ Yelnad --"What you're paying for is an education, not a room at the Sheraton,and sometimes that education is uncomfortable."- Jim Terhune, Dean of Student Affairs, Colgate University

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