Information on consolidating private student loans single parent dating emmonak alaska

These circumstances are: Borrowers cannot consolidate private student loans with the federal consolidation loan programs.

However, if you have private loans, you may want to think about consolidating these loans into a new private consolidation loan.

As you weigh the pros and cons, keep in mind that timing is critical.

information on consolidating private student loans-76

Borrowers in default may also consolidate in certain circumstances.

Consolidation was previously available to borrowers while they were still in school. Congress also eliminated joint consolidation for spouses, effective July 1, 2006.

APPLYING FOR DIRECT LOAN CONSOLIDATION The Department generally requires all borrowers to apply for Direct Loan consolidation using the web site. It is very important to review this sheet and check to make sure all of the loans you wanted to consolidate are included in the new consolidation loan.

(Click espanol to find a Spanish version of the on-line application). Be sure to meet the deadline for responding if you think there are problems with the consolidation or if you have decided you do not want to go forward.

Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.

Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.

This may be a good idea if you want a single monthly payment.

You may also be able to get a better deal if, for example, your credit score is better now than it was when you first took out the private loans.

Another common problem is that partial discharge of a joint consolidation loan under any of the discharge programs (other than death discharge) does not eliminate joint liability for the remaining balance.

Further, borrowers with joint FFEL consolidation loans, according to the Department, may not reconsolidate into Direct Loans and therefore are not eligible for public service loan forgiveness. The fixed rate is based on the weighted average of the interest rates on the loans at the time of consolidation, rounded up to the nearest one-eighth of a percentage point.

Direct consolidation loans are now the only type of federal student consolidation loan.

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