How can I consolidate my student loans, in addition make it affordable so I can go back to school?
Feb 15
Student Loans Q&A education, young man 4 Comments
I am a young man who ready to move on to bigger and better things in life that includes finishing my education.
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Feb 15, 2010 @ 23:54:18
Congratulations on deciding to finish you education, it is definately a decision that will never cease to pay off. Are the Student Loans you currently have Federal Student Loans or Private Student Loans?
Since you are not attending school at this time you are eligible to consolidate your existing Federal Student Loan debt. Keep in mind that the FFELP Consolidation Loan Program only consolidates your Federal Student Loans, not your Private Student Loans.
I would advise against combining your Private Student Loans and your Federal Student Loans or any other debt with your Federal Student Loans for that matter. If you were to consolidate your Federal Student Loans with any other debt you would lose your Federal Benefits on your Federal Student Loans, which includes your unlimited in school Deferment option.
While you are at in at least half time status you have the ability to have your loans on unlimited in school Deferment. Your Federal Sudsidized Stafford Loans will have their interest paid by the Federal Government for you so it does not accrue, but your Federal Unsubsidized Stafford Loans will have the interest accrued while you are in school. Regardless, you are not required to make your payments on either loan type while you are at least halftime status.
For more information on the FFELP Consolidation Loan Program as well as information about Deferment please visit the source below.
Feb 15, 2010 @ 23:54:18
Call the loan company and make appointment to visit the nearest location. Talk to them about consolidating your loan and you will get all the answers you need from them.
Feb 15, 2010 @ 23:54:18
If you go back to school full-time, you should be able to qualify for a deferment. Some loans will freeze your amount and not charge you interest during this deferment period, others will continue to charge you interest but either it will only attach to the principle or it will attach to the whole amount (principle + interest) but they will defer your obligation to repay the loan until you finish school again. There are plenty of finance companies out there offering loan consolidation plans — start by asking at your bank or credit card companies or other loan companies for loans you already hold (it’s just simpler if you start with someone with whom you already have a financial relationship). I’d go for the full deferment if you are planning on attending school full-time. They may even allow for 75% of full-time to qualify. Your current loans will ask you for verification but that’s simple to acquire from where ever you go to school. Education is a great investment that never ceases to pay off. Good luck!
Feb 15, 2010 @ 23:54:18
i would research that question with one of the consolidation specialists that are out there and see which one is affordable for you. if u find the right out ask if you can still continue your education and still pay the loan. when i returned to school the first thing the counselor told me was some people make it a habit to continue on with there education until they are ready to step into the work world. good luck