Student Credit Forum

What types of student loans can I consolidate?

I thought I'd give Loan Ranger a lest to see how long it takes him to produce a list for us all.

Credit Card Guy wrote:What types of student loans can I consolidate?

I thought I'd give Loan Ranger a lest to see how long it takes him to product a list for us all.

Ill be sure to use my spell check...

Pretty much all student loans can be consolidated. However you’ll have to consolidate federal and private student loans separately because of how the interest rate is determined. Federal student loans that can be consolidated include:

• Stafford Loans - Subsidized and Unsubsidized
• Federal Direct Stafford Loans - Subsidized and Unsubsidized
• Parent PLUS Loans
• Federal Direct Parent PLUS Loans
• Federal Consolidation Loans (only with new Stafford Loans)
• Federal Direct Consolidation Loans (only with new Stafford Loans)
• HEAL/HPSL Student Loans
• Perkins Loans
• Nursing School Loans

Go on... tell me I'm good

That was fast. Who was that masked man?

Credit Card Guy wrote:That was fast. Who was that masked man?

I think you meant "Who is that masked man?" I plan on sticking around...

just want to add some things:

federal student loans. Federally funded loans are administered initially through the US Department of Education's Federal Student Aid programs, and are usually the easiest to get student loan consolidation services for.

Private student loans are administered by standard lending institutions.

You should consolidate your federal loans first then separately consolidate private student loan debt. The benefits of consolidating your federal loans include: a lower interest rate (usually, but keep in mind that interest rates change every July 1), increasing the time for loan repayment to 30 years which reduces your monthly costs, and reducing the number of lending institutions you send checks to every month.

*****Consolidation Update*****

Variable student loan interest rates look like they may be going down after July 1, 2008 - up to a 3.0% decrease. What does this mean??? For anyone who has variable rate federal student loans (stafford and PLUS) they should wait until after July 1, 2008 to consolidate and lock in the LOWER rate. How do you know if your loans are variable? Check your monthly statements, call your lender, or contact the Department of Education (1-800-433-3243). If you took out Stafford and or PLUS loans prior to July 1, 2006 - they are variable.

More to come...

Just remember student loan consolidation is a debt management tool. It is designed to combine your total loan volume, extend out your loan terms, and minimize your monthly payment. It is not a way to lower your interest rate which many assume.

The amount of money you owe will dictate your loan terms. You do not automatically get a 30 year term. Some companies in fact require you have north of $60,000 to get a 30-year loan term.

Federal loans can be fixed when they are consolidated, unlike private loans which are at variable rates.

Another key takeaway is that you should never consolidate your federal and private loans together. Technically you can do so, but that is never advised. Private student loans fall under private consumer banking regulations while federal loans have their own benefit and guideline packages.

Reasons you should not roll your federal student loans into your private loans
1. You can not fix your interest rate on the private side, which means it may increase over time as it is variable
2. Interest rate tends to be higher on the private loan side as they are credit based (FICO & LIBOR)
3. You lose your three years worth of deferment options (economic hardships & forbearance are the most common reasons for deferment)
4. Forgiveness potential (specific professions are eligible to have a portion of their loans discharged - death, & disability up to 100%)

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