Consolidate loans more than once?

[neo]

Well, I consolidated my loans last year for 5.8% Now rates are like 3.8%

is there any way to "reconsolidate" or refinance to get the lower rate?

anyone saavy know about this?

thanks

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[Andrew_Doan]

Originally posted by neo
Well, I consolidated my loans last year for 5.8% Now rates are like 3.8%

is there any way to "reconsolidate" or refinance to get the lower rate?

anyone saavy know about this?

thanks

I believe you can consolidate again IF you have a student loan that was not consolidated with the first consolidation. If you consolidated ALL of your loans the first time, then you can't consolidate again.

 

[LoanGrl]

I believe you can only consolidate once UNLESS you have taken out more loans since your consolidation. Once you are done with borrowing and consolidate, that's IT.

 

[smackdaddy]

my guys said i could reconsolidate since i didn't consolidate everything. other eligible loans can be considered, including heal and perkins. the new rate would be a weighted blended rate.

 

[Andrew_Doan]

Originally posted by smackdaddy
my guys said i could reconsolidate since i didn't consolidate everything. other eligible loans can be considered, including heal and perkins. the new rate would be a weighted blended rate.

This is correct. If you left at least one loan out of the first consolidation, then you can reconsolidate again.

 

[smackdaddy]

thanks dr. doan, you big stud.

 

[neo]

how about consolidating one of your spouses' loans so that you can reconsolidate. is that a possibility?

 

[LoanGrl]

Never, never, EVER consolidate your loans with someone else's. If you should happen to divorce (it happens to the best of us), you are STUCK with paying for that loan, or at least a portion of it, where you wouldn't have been otherwise. And in the event that your spouse should die or become totally disabled, that may prevent the loan from being forgiven, which it would have been otherwise. Don't even think about it!

 

[smackdaddy]

Originally posted by neo
how about consolidating one of your spouses' loans so that you can reconsolidate. is that a possibility?

loangirl told you the disadvantages, but to answer your question, yes it is possible.

 

[LaughingGiraffe]

along the lines of consolidating with a spouse, can you consolidate with someone other than a spouse?

i realize the potential disadvantages, but what if, for instance, a friend consolidated all her undergrad loans, and rates have gone down since then. could i consolidate my ms 1 loans with her ugrad loans so that we both have loans to consolidate, and we'd both lock those loans in at the lower rate?

thanks!

 

[LaughingGiraffe]

is there anyway to lock in next year's rates for the first year of loans?

what if i borrow from two lenders next year, then temporarily withdraw next june, when rates are still at the 2003-2004 levels, consolidate, and then sign up for ms-2?

wouldn't that get around both the full-time student and multiple lender requirements?

 

[LoanGrl]

RE: consolidating your loans with a friend: it is not possible, there is no legal connection there. Even if you could, it would be a potentially disastrous financial move.
As for potentially withdrawing, that could be a minefield of problems.