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With just a few exceptions, you get only one chance to consolidate with the government loan programs.WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.
The Department strongly encourages borrowers to apply on-line, but you may also download and print a paper application to submit by regular mail. Prior to July 1, 2006, married borrowers could choose to consolidate federal student loans from both spouses or jointly consolidate the loans of either spouse.
You may consolidate with Direct Loans during grace periods, once you have entered repayment, or during periods of deferment or forbearance.
Borrowers in default may also consolidate in certain circumstances.
WPCU offers a Private Consolidation loan, which allows you to combine multiple private student loans into one, or refinance a single private student loan from another lender.
In some cases you may be able to lower your interest rate and save money over the life of your loan.
Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.
As you weigh the pros and cons, keep in mind that timing is critical.If you’ve recently graduated from college and have student loans, you may have heard about loan consolidation. It’s possible that you have multiple loans from different sources such as federal student loans and private student loans.When you begin repaying those loans after graduation, you’ll be making separate payments for each of them, and possibly paying different interest rates that could change over time.Student loan consolidation allows you to combine those individual loans into one loan, meaning one payment (or at least fewer payments), one interest rate, and possibly a longer repayment term.Depending on the structure of your consolidation loan, you may be able to lower your monthly payments or save interest in the long run by paying your loan back sooner.If you have federal student loans, you can learn about the government’s Direct Consolidation loan that is for federal student loans only.