One of our readers recently asked a good question regarding consolidating student loans that probably has crossed the mind of many of us with student loan debt, Can I Reconsolidate Student Loans if I’ve Consolidated them Before?
In general, once you consolidate your student loans, you can not reconsolidate. However, there seems to be a couple exceptions to this rule…
1. If you have Federal Family Education Loans (FFEL) student loans, you can consolidate into the Direct Loan program to qualify for Public Service Loan Forgiveness, even if you have already consolidated your loans in the FFEL program.
2. If you are consolidating to obtain either Income-Contingent Repayment (ICR) or Income-Based Repayment because your loan has been submitted to a guaranty agency for default aversion, you can reconsolidate, even if you have previously consolidated.
Other then these 2 instances, if you have already consolidated your student loans once, you will not be able to reconsolidate them again.
For more information on student loan consolidation, click here.
Tags: consolidation, federal student loans, Private student loans, student loans
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