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Sep
5

Can I consolidate my stafford loans, then a few months later reconsolidate with my perkins?

Financial Aid

  
stafford loans
mike d asked:

Since stafford is 6 months grace and is grace, I could save a few bucks if I reconsolidate again. I also have a HPSL which has a 12 month grace period. So potentially is it legal to consolidate 3 times?

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  2. Found-1 Says:

    No you can’t consolidate 3 times. And you might want to check the fine print when you consolidate federal loans, because most of the time the consolidation loans have higher interest rates and worse terms (no mandatory forbearance, forgiveness and policies among other things).

    You might also want to check for fees involved in consolidation. If the interest is cheaper you still don’t really SAVE any money because the length of the loan is greater and you PAY more interest over the course of the loan. Banks don’t loan you money if they aren’t going to make money off you.

    There really is no benefit to consolidation except a few dollars less a month in payments… even when I had 8 federal loans it was still one payment a month and the company (Sallie Mae) divided my money up between them automatically. Don’t consolidate federal loans.
    Good luck.

  3. Suryadi S Says:

    Maybe you can try below website to get the information you need. It’s about student loan consolidation articles for your second opinion.
    -%20Save%20Money,%20Pay%20Less,%20Spend%20More.htm

  4. Nathalie Says:

    When it comes to the financial aid process, people often ask “Where do I begin?” We’re here to help and guide you throughout this process. This page outlines the steps to applying for a Stafford Loan. Basic Stafford Loan Requirements are, You must have submitted a FAFSA. For subsidized Stafford Loans, you must have financial need as determined by your schoolbe sure to include the school’s FAFSA code (or prospective schools, if you are a high school student) to ensure that the results are sent to your school’s financial aid office.

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