This means, for example, that a Perkins Loan on its own cannot be consolidated into a Direct Loan.
You may consolidate with Direct Loans during grace periods, once you have entered repayment, or during periods of deferment or forbearance.
These include deferment, forbearance, cancellation, and affordable repayment rights.
Also, federal consolidation loans generally have lower interest rates.
Both spouses are jointly liable for the loan and both must request IBR.
Problems often arise if the ex-spouses are no longer in contact.
You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.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.Using Studentloans.gov: You will need to sign in using your personal identifiers and PIN. You are required to select from the choices listed by the Department of Education). (“Joint and several liability” means that both borrowers are fully liable for the full amount of the debt). Not surprisingly, this caused a lot of problems for borrowers and Congress eliminated the program as of July 1, 2006.
The electronic application consists of five steps: 1. If may make this choice on-line or if you are sending in a paper application, you should send directly to the servicer you choose. The Department provides some general information about servicer performance in the on-line data center and quarterly performance reports. There are still many borrowers struggling with joint consolidation loans.
(see box below), You can consolidate during grace periods.