Student Loans

QWhere Can I Get A Consolidation Loan?
AYou can consolidate your loans through any bank or credit union that participates in the Federal Family Education Loan Program, or directly from the U.S. Department of Education. The loan terms and conditions are generally the same, regardless of where you consolidate. You may want to check first with the lenders that hold your current loans. If all your loans are with one lender, you must consolidate with that lender. If you decide to consolidate your student loans, remember that you can only do so once unless you go back to school and take out more loans. Therefore, you will want to make sure you get the best deal the first time. The interest rate will be the same from all lenders, but some lenders may offer future rate discounts for prompt payment and a discount for having monthly payments directly debited from your account. Can my spouse and I consolidate our loans together? You can consolidate your loans together, but it is not a good idea for a couple reasons: - Both of you will always be responsible to repay the loan, even if you later separate or divorce - If you need to defer payment on the loan, both of you will have to meet the deferment criteria When should I consolidate my loans? You can consolidate your loans any time during your six-month grace period or after you have started repaying your loans. If you consolidate during your grace period, you may be able to get a lower interest rate. However, since you will lose the rest of the grace period, it is a good idea to wait until the fifth month of the grace period before consolidating. The consolidation process usually takes 30-45 days.