Can I re-consolidate my student loans if I have already consolidated them at 8%?
348164
No, the government gives you one chance to consolidate your student loans.
338863
Well, the debt isn't going away, but there are things you can do to lower your monthy payment (which I assume is your immediate concern) -- consider private loan consolidation.\n\nwww.finaid.org (a great resource) offers a list of private loan consolidators, as well as some sound advice. Here is their list: http://www.finaid.org/loans/privateconsolidation.phtml.  {Note: Sallie Mae recently came out with w private loan consolidation product}\n\nNot to push a certain company, BUT, of the companies listed above, you might look first at Sallie Mae, Key Bank, Wells Fargo, and NelNet, as they are established education loan lenders. Some lenders on www.finaid.org's list may no longer offer private consolidation; others may require at least some of your loans to have been borrowed through them to begin with. Key Bank's program does not require that you have loans with them in order to consolidate with them now.\n\nNote: By consolidating your private loans, you should expect to see a slight increase in your interest rate (and obviously, your overall accrued interest); it is up to you to decide whether this increase is outweighed by the benefit of a lower monthly payment (if it helps you pay your other bills and preserves a good credit rating, the answer may be a resounding "yes"). Take advantage of any benefits that the company has to offer: consider having your payments automatically deducted from your checking/savings account each month -- it can often save you .25% off your interest rate.
889633
You ask for a deference or forbearance. Most student loans are deferred till 6 months after graduation anyway, and if you haven't found a job by then, you just call up the owner of your loan and request an extension. Forbearance is sort of the same, but leans more toward the 'hardship' part of not being able to pay.\n\nSomething you should know though (and it's quite important) is that:\n\nEven if you defer or forebear, interest WILL continue to accrue (unless you have a Federal subsidized loan)... actually, I believe that even if you do have a Federal Subsidized Loan, interest continues to accrue AFTER the 1st deferment term expires.\n\nYou should also maybe look into a 'Sliding Scale Payment Plan", which allows you to make your payments according to what you're making/worth. For instance, if you have a part time job, your first year of payments will be REALLY low, and they increase with time.\n\nThe BEST way to go about this though, is to contact your lender, and find out what your options are. They're usually very helpful with such things.\n\nPS: If you have federal loans, you might want to look into consolidation AS WELL as deferment... Good luck.
729576
No, but its not very sensible as you are continuing to mount up interest charges.  Contact them and see if you can come to some arrangement which will make it easier to pay.  \nDONT IGNORE IT ANY LONGER!!!!
136683
If you can't afford to pay off the current student loans, how are you going to pay off a new consolidation loan?  If you default on that one, your credit history will get worse!\n\nWho has listed the loan on your credit report?  The collection agency or the original creditor?  Exactly when did it go into default?  How much do you owe?\n\nHere is my thinking.  First, blow off the collection agency all together if you can.  It doesn't matter what you say to them, your excuse is never good enough.  They will still want your money NOW and will only harrass you.  Send them a letter to quit bothering you, then contact the original debtor.\n\nTry to work out a deal with them to pay it back, but ONLY if they agree to remove the negative marks on your credit report and show the loan is paid in full.  The only reason you are paying them is to get your credit history fixed, but many times the creditor will leave the bad mark on your record.  Get the agreement in writing before you start paying them back.\n\nGo to the links I've supplied below for more information.  \n\nGood luck, I've been this route.
843276
If your student loans are currently deferred (not required to make payments) for more than 1 year, it's possible to exclude them from your debt ratios under FHA and VA loan programs.\n\nAlmost all other loan products will require that they count against you, whether you are currently making payments or not.\n\nAnd they will all affect your credit rating.  In fact, student loans can be particularly dangerous after you've consolidated them.  Even after consolidation, usually you will still have multiple underlying accounts being reported to the credit bureaus.  Miss one consolidated payment, and you could show multiple late payments on your credit report.  Ouch.
1135664
it is a good idea to get a consolidation loan if you can but you won't get a low interest rate
774254
Hi tthere Kit t,\n\nWhat happens alot of the time is when consolidating the lender does not consolidate all of your loans..\n\nIf this happened to you then you will actually be in luck,...\n\nIf you have one outstanding loan, my compnay can then consolidate you again by consolidating what ever samll loans you still ahve out there into your large consoliodated loan..\n\nThe reason this will benefit you is because we will offer you up to 3 years of forebarence at that point..\n\nMeaning, you wont have to worry about making a  payment to prioncipal or oibnterest for 3 years.. You can choose to send interest payments if you choose, but you will not be obligated..\n\nThis is what ido for alot of students that are looking to go back to school.. It can give you a little more breathing room until you are working full time makin genough moneY..\n\nGive me a call when you have a moment.. I would =eb happy to pull up yopur loans on the NSLDS (national student loan database system) This will tell us if we can re-consolidate you or not..\n\nAlso feel free tio check us out online.. Here is a link to my yahoo 360 profile which has links to our website as well..\n\n\n\nhttp://360.yahoo.com/profile-HlUDUhMib7M9Wlj6o6L2SfGcEYtkt9xsaQ--?cq=1\n\n\nLook forward to hearing from you!\n\nJason Fry\nStudent Aid Lending\n1-800-964-0642 ext 114\njasonf@studentaidlending.com
594405
You can always refinance.  If your current loan has a pre-payment penalty, that may apply however.
383566
You ask this question at a perfect time. Generally, students don't consolidate (or think about consolidating) until after they graduate -- simply because they want to maximize the 6-month grace period that they automatically receive once they leave school (Note: Perkins loans carry a 9 month grace period). Students are wise to want to preserve these grace periods, since no interest accrues during this time on any federally subsidized loans (such as Perkins and *Subsidized* Stafford Loans [not Unsub]).\n\nHOWEVER, there have been a lot of changes in the recent past (and more to come) that might make you want to consolidate sooner -- perhaps even before you graduate -- as follows:\n\nSince Spring 2004, rates have been on the rise. For the academic year 2004-05, the in-school/in-grace Stafford rate was 2.77%. For 2005-2006, the rate is 4.7% -- a significant increase. Even worse, repayment rates are .6% higher than these in-school/in-grace rates. Now, with the reauthorized Higher Education Act, Stafford loan rates will change to a FIXED rate of 6.8% for all loans, old and new.\n\nAnticipating this increase, many students have decided that they would rather lose their grace period than pay that extra 2% interest for the life of their loans, so they have opted to consolidate before this change takes effect on July 1st.\n\nOf course, the choice when/if to consolidate is yours. A few pros and cons...\n\n1.  In-School consolidation involves a few extra steps.  You will need to complete the usual consolidation application AND send in a form or letter asking your lender(s) to place you into a repayment status. When you are officially in repayment, they can consolidate your loans, just as they would if you has graduated, with the exception that you would receive the in-school interest rate.  Once the consolidation has been processed, your loan company should know to place you into an in-school deferment status.  However, not all companies are this alter, so you would be wise to ensure that they have done this.\n\n2.  If you consolidate while you are in school, you will not receive your 6 month (or 9 month, for Perkins) grace period when you graduate; you will begin repayment as soon as you are withdraw/graduate/become Less-Than-Half-Time.  Usually your first payment will be due the month after you graduate.\n\n3.  You won't be able to add next year's (2006-07) loans into this consolidation and will have to either consolidate them separately or leave them unconsolidated.  Since your rate on these loans will be 6.8% either way, you might be better off leaving them unconsolidated.\n\nBest of luck!
689415
You cannot consolidate less than 2 loans - that is what consolidate means - putting together 2 or more loans.\n\nAs for refinancing - restating your terms to a lower interest rate - usually they will not do it for less than $5,000.  Even with the interest rate increases, you should not see much of a difference with your loan amount being so low.  \n\nIf you do not have other higher interest rate items, just work on paying it off faster.  If not, your student loan is probably the least.
1019214
As far as I know consolidation is only on govt loans you cant consolidate a private loan.
405361
Im guessing you got that notice in the mail from some consolidation company. If you've taken student loans, I would first consult with the financial aid office or the equivalent, or your personal bank and make sure it's not an adjusting rate as you pay it off.
1141167
Probably.  There are pros and cons to any financial decision (particularly one that is more or less "binding" like consolidation). \n\nAt present, the biggest advantage is the ability to lock in a rate that, in a few weeks, will increase by almost 2%.\n\nThe biggest downside to consolidating is that you will lose the  6-month grace period that Stafford borrowers typically receive after graduation (9 months for Perkins), so your first payment will probably be due within a month after you graduate (or, if you are already finished, within a month of completing the application). \n\nYou will, however, retain the ability to apply for deferments and forbearances. Even better, the subsidized portion of your Stafford loans will retain their interest subsidy (meaning that, even if you consolidate your Subsidized Stafford loans with other unsubsidized loans, the government will continue to pay interest on those Sub loans any time that you are in school or in-grace -- a great "perk" if you plan on going to Grad. school).\n\nIf you decide to go to back to school, your consolidation loan will be eligible for an in-school deferment (just as your Stafford and/or Perkins loans would be if you didn't consolidate). \n\nIt gets a little complicated, I know. All things considered, if you think you can handle losing your grace period, consolidating is probably your best move. 2% in interest can really add up over 10-30 years... (And no one yet knows that rates will be come July 2007, so you might end up saving more than 2%.) \n\nOne final note: if you have a Perkins Loan, you can consolidate it with your other loans. However, Perkins Loans carry additional loan cancellation/forgiveness benefits which can be lost if you consolidate. So, read up on these and if you think you qualify (if you might become a teacher, cop, child care provider, etc.), leave the Perkins out of the consolidation. \n\nSome examples: \n\nSay you have $10,000 in Stafford Loans and you just graduated (so you're still in your grace period and are therefore receiving a Stafford rate of 4.7%). Your Stafford rate will increase to 6.54% in July. Moreover, once your 6-month grace period is up, you will begin repayment and your rate will increase to 7.14%.  If you don't consolidate, your rate will continue to change every July 1st. Using 7.14% as a sample rate... $10,000 at 7.14%, over 10 years adds up to a monthly payment of $116 and an overall cost of $14,020\n\nBut if you consolidate this month, you can "lock in" the current rate (4.7% rounded up to the nearest 1/8th of a percent equals a consolidation rate of 4.75%, sometimes lower). $10,000 at 4.75% over 15 years (you get longer to repay when you consolidate) will amount to a monthly payment of $78 and an overall cost of $14,001. \n\nSo, from a financial standpoint, you need to determine if these savings are worth losing your grace period.
888687
I have a Sallie Mae loan and you absolutley right, they will not Allow you to consolidate they call you every 10 minutes it's retarded. I really wish I would have never got a loan through them.
828556
DON'T CONSOLIDATE THE PERKINS LOAN!!! Why? B/C perkins has lowerest interest rate compared to stafford.  Perkins, is 5% so when you consolidate it, you will basically throwing away 5% to get what 6.8% or more.  If you want to consolidate anything, then just the stafford loan.  If perkins is about to go up, you will be notified of such then you can consolidate. then you can lock it at 5%.
1154578
Consolidating your loans will have no bearing on your credit rating  - as long as you continue to pay on a timely basis.  If you've missed the lower rates over the last several years, act quickly and lock in a good rate if you can.\n\nBy the way, I would recommend if you can get away from Numb Nuts, I mean Nelnet, do so.  They are a big pain to work with.  I have found the Department of Education actually much easiler with Sally Mae a close second.  Good luck.