Consolidating and refinancing federal student loans
For example, if you were saving 0.25% for using Direct Debit, you would need to re-setup that plan to save again.These small factors are what people forget when consolidating their student loans, and it could end up costing them more.Your new consolidation loan gives you choices in repayment plans – you could switch to an income-based repayment plan, or the extended plan.
And if you miss one, you could end up harming your credit score.
Read all about Spousal Student Loan Consolidation Loans here.
To qualify, you must have at least one loan in that is in the grace period of in repayment.
WARNING: DON'T MAKE THIS STUDENT LOAN CONSOLIDATION MISTAKEThe first big problem that can happen with student loan consolidation is that, since you can consolidate just about every type of Federal student loan, you can accidentally put a loan type in your new consolidate loan that prevents you from having certain repayment plans. You can't transfer it to them, and you can't allow them to consolidate the PLUS loan into their loan.
The most common problem involves PLUS Loans Made To Parents. However, if you're a parent with other student loans in your name, and now you have this PLUS loan, you could potentially add it to your other loans via consolidation.