can you consolidate a student loan twice to help lower payments?
March 18th, 2009
Posted in Consolidate Student Loan | 
Tags: Consolidate Loan, Loan Payments, Student Help, Student Loan, Student Loans
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March 18th, 2009
Posted in Consolidate Student Loan |
Tags: Consolidate Loan, Loan Payments, Student Help, Student Loan, Student Loans
Consider consolidating with , it’s by the government. They have low rates and there are a number of choices for payment. You can either select payment based on your monthly income, or have it low now and the payment increases gradually…etc.
Federal loan borrowers are not meant to be able to consolidate the same loans more than once. Currently, however, there exists a loophole in the system that allows students who have borrowed and consolidated under the Federal Family Education Loan Program to “reconsolidate” their loans through the Direct Loan Program. HOWEVER…
The Higher Education Act has just been reauthorized and, effective July 1, 2006, this loophole will be closed. After July, FFELP consolidation loan borrowers may only receive a Direct Loan consolidation loan for the following reasons: (1) for the purposes of income-contingent repayment if the loan has been submitted to the guarantor for default aversion; (2) if a lender denies a FFELP borrower a consolidation loan or income sensitive repayment; and (3) for the purpose of resolving a default. Direct loan consolidation borrowers may not reconsolidate unless new loans are added.