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NBR: does anyone know how to consolidate student loans?

bargar18bargar18
in 2nd Trimester
DH has a studen loan from sallie mae and is enrolling in school to finish up.  but the student aid he'll be getting is most likely from the school.  does anyone know how you'd combine the 2 to consolidate?
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Re: NBR: does anyone know how to consolidate student loans?

  • KatieRL1979KatieRL1979

    If he's enrolled full-time most likely his payment requirement for the sallie mae loan will be suspended while he's taking classes but he'll need to let sallie mae know that he's back in school.

    Consolidating the new loan with the old one will depend on where the new loan is (what lender).  If it's at Sallie Mae again he can just go online once he is in repayment for the new loan and apply for a consolidation.  If it's a different lender than that gets trickier.

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  • msm1379msm1379 member

    I have a few student loans...since I maxed out what I could recieved from Federal I also have a private loan. It's ended up that Wells Fargo service one of my Federal loans and my private loan. I also have a Federal loan directly through the government (not sallie). I tried to consolidate about a year ago and was told that private and federal loans absolutely cannot be consolidated and neither Wells Fargo or Direct Loan Service Center (my gov't loan) would consolidate. So, I've found it very difficult. If your DH can get aid from all one place at least you have a chance of only making one payment, unlike me...I make 3 seperate payments.

    I also tried to find an outside financial institution to try to consolidate, and most don't do it anymore- or at least that's what I had been told. Not trying to be a Debbie Downer...just sharing my experience :)

    Good Luck!!!

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  • bargar18bargar18
    very helpful girls!  thank you!!
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  • mrookiemrookie

    I just happened across your post. 

    Here is a great link for you https://loanconsolidation.ed.gov/AppEntry/apply-online/appindex.jsp 

    I am making an assumption that you are in the US. While in school at least half time your loans are suspended.

    Go with the Federal Consolidation they cannot deny the consolidation for any reason and they offer the best interest rates.  

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  • Skibunny07Skibunny07
    from my experience, if your DH is getting aid from the school, they will not let you consolidate that with any other loan. I had (and still do) a Sallie Mae loan. I also had another loan through ACS but it was an institutional loan (meaning money that was loaned right from the school). Because of this they wouldn't let me consolidate it which sucked and I didn't know that at the time and went through this whole process that ended up screwing up my credit. Long story. 
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  • alliapistoralliapistor member

    When you say "aid from the school" - do you mean a loan directly from the school that he will have to pay back?  I'm not familiar with schools offering that type of assistance.  But generally, federal loans cannot be consolidated with non-federal loans.  There are different types of loans though.

    Assuming he has all federal loans to consolidate (and there are different kinds) -- one thing to consider is your interest rate.  They blend the interest rate on all of the loans.  When I finished school, I owed over $100k in federal loans.  Some were subsidized and unsubsidized Stafford loans and some were Perkins loans.  The Stafford loans made up the majority of my loans and were at a market rate, which was low.  The Perkins loans were at a fixed rate of 5%.  When I consoldiated, I left out my Perkins loans and just paid them separately because the 5% rate I owed on those loans, which totalled about $12,000, would have brought the overall rate on my other $90,000 up by a half a point or more.

    Meet with the financial aid counselor at his school and discuss all of the options to make sure you get the best program for your situation. 

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  • TikatTikat
    He can defer his payments on the Sallie May loan once he returns to school part-time. After he graduates you can consolidate all loans into one federal loan at https://www.loanconsolidation.ed.gov/ - they will average the interest rate from all you loans and you can get a quarter % discount by signing up for Auto-Pay.
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