Consolidating debt with a

These circumstances are: Borrowers cannot consolidate private student loans with the federal consolidation loan programs.However, if you have private loans, you may want to think about consolidating these loans into a new private consolidation loan.There are numerous problems that can arise–for example, if one of the divorced ex-spouses wants to apply for IBR.The Department says that borrowers with joint consolidation loans may repay under the IBR/PAYE plan as long as both spouses qualify with partial financial hardships. You can consolidate all, just some, or even just one of your student loans.Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.As you weigh the pros and cons, keep in mind that timing is critical.

Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.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.Direct consolidation loans are now the only type of federal student consolidation loan.Under the Direct Loan Consolidation Program, you can consolidate Subsidized and Unsubsidized Stafford Loans, Supplemental Loans for Students (SLSs), Federally Insured Student Loans (FISLs), PLUS Loans, Direct Loans, Perkins Loans, Health Education Assistance Loans (HEALs), and just about any other type of federal student loan.

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(see box below), You can consolidate during grace periods.

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