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Consolidation and Deferments

Started by jnoe, January 31, 2018, 08:42:16 am

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I have a lot of student loans with many different banks/companies.  They are a mix of Direct Loans and FFEL loans.  I am at the end of being able to defer them.  My plan is to consolidate my FFEL loans into a Direct consolidation loan with my other Direct loans so I end up with one loan.  Once that happens, would I be able to do any kind of deferment since it would be a new loan or would I not have an opportunity to do that since I ran out of being able to defer them time when they were all separate loans?

My deferment ends in March.  When would be a good time to begin the process of putting them all together.  I wasn't sure how long the process takes.



Student loan consolidation is a good idea to make it easier to repay your loans, but it does have downsides. You might find this article useful: https://thecollegeinvestor.com/18164/the-problems-with-student-loan-consolidation/

You can start consolidating them whenever you want - you can go online to StudentLoans.gov and simply start the process. As for deferments, why are you deferring them? The same deferment rules apply to your consolidation loan.

I would strongly advise you to stop deferring them unless you're still in school. A better solution is to get on an income-driven repayment plan and start making income-based payments, which could legally be $0 if your income is low enough. This is a better approach than deferment because while your loan balance may grow, you're also making progress towards potential forgiveness.