Student loans

[AOIIBrandi]

Originally posted by aggieAXO
Rudey,
Unfortunately once you consolidate that is it -you cannot consolidate again . (believe me i have tried)

I was actually speaking to Direct Loans earlier this week as well as another consolidator (they call like everyday even though I have told them I already consolidated ) and both said that doing back to school and taking out more loans will allow me to re-consolidate and take advantage of the lower rates. I'm like you and consolidated somewhere around 7-8%.

[PsychTau]

Originally posted by AOIIBrandi
I was actually speaking to Direct Loans earlier this week as well as another consolidator (they call like everyday even though I have told them I already consolidated ) and both said that doing back to school and taking out more loans will allow me to re-consolidate and take advantage of the lower rates. I'm like you and consolidated somewhere around 7-8%.

Did they say how much your new loan has to be in order to consolidate? My husband is finishing up his master's degree (without student loans) but has a HUMONGOUS loan waiting for him to pay on after graduation (already consolidated...long story ). I've gone to a couple of websites and typed in his loan info and added a $2000 loan to "consolidate", but it doesn't reduce the payments any. (His old loan is at 8% locked in).

I don't want to consolidate him with my loans because that would mean if one of us dies the other would be responsible for the entire loan and as much as I love him, I would rather his loan die if he does .

[AOIIBrandi]

Originally posted by PsychTau
Did they say how much your new loan has to be in order to consolidate? My husband is finishing up his master's degree (without student loans) but has a HUMONGOUS loan waiting for him to pay on after graduation (already consolidated...long story ). I've gone to a couple of websites and typed in his loan info and added a $2000 loan to "consolidate", but it doesn't reduce the payments any. (His old loan is at 8% locked in).

I don't want to consolidate him with my loans because that would mean if one of us dies the other would be responsible for the entire loan and as much as I love him, I would rather his loan die if he does .

No they didn't, but I would think that if you call their consolidation department and ask they could help. I know what you mean about consolidating with your Husband. I won't do it either for that reason. Also, because if one gets unemployed for whatever reason the other still has to pay the full amount.

[winnieb]

Originally posted by PsychTau

I don't want to consolidate him with my loans because that would mean if one of us dies the other would be responsible for the entire loan and as much as I love him, I would rather his loan die if he does .

Under NO circumstances should anyone ever consolidate student loans with your spouse--- the reason is exactly what you said above. Student loans are forgiveable upon death. There is no reason to pay for your dead spouse's student loans. The debt will not stay with your estate!!


-wendi

[Discotish]

it was my understanding that you couldn't consolidate husband and wife student loans together, if thet are Stafford or Perkins loans. I agree with the above poster, in that the loans are forgiveable when you die, so it's best not to stick your partner with your loans if you were to die at an early age...

[dzandiloo]

Originally posted by Discotish
it was my understanding that you couldn't consolidate husband and wife student loans together, if thet are Stafford or Perkins loans. I agree with the above poster, in that the loans are forgiveable when you die, so it's best not to stick your partner with your loans if you were to die at an early age...

The believe the rules have changed on that-My DH & I just consolidated our respective Stafford loans, & we considered doing it together. We learned that now, H&W can consolidate together, and if one spouse dies, their portion of the consolidated loan is forgiven. I'll have to go back and find that flier & see if I can get a web-site that corroborates...

The downside, though, is that if one of you needs a deferral-say if you lose your job, or something, both spouses have to be eligible for the deferral. So, it may not be a good idea to consolidate together, even though the death-thing has been addressed.

ETA: I was bothered by the fact that I couldn't find this on-line anywhere, so I called my loan counselor (at Panhandle Plains Student Loan Center) and she told me the rule has changed in the last 3 months or so.... It only applies to death of a spouse though-so if you divorce, both spouses remain jointly/severally liable on the entire amount.... I didn't think to ask her if the rule change was retroactive, though.