Student Loan Consolidation

[haha]

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]

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]

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]

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%