Consolidating federal student loans good idea communication when dating

There are a lot of student loan scams out there targeting people looking to consolidate their student loans.There are also a lot of so-called “aid” companies that want to charge you to consolidate your student loans.

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.

If you're a parent, and you borrow with a PLUS loan to pay for your children's college, you should never consolidate these loans. This is typically a bad idea because PLUS loans don't qualify for income-based repayment programs like IBR, PAYE, or Re PAYE.

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The bottom line is that you can simply consolidate your student loan for free at Student Loans.gov, or by simply calling your lender.

Once you login to Student Loans.gov, you can easily complete your student loan consolidation application.

But this is where some of the problems with student loan consolidation arise.

The 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.

As such, if you consolidate, you're at a loss of these programs. Second, if you're not careful, consolidating your student loans could end up costing you more over the life of the loan.

This could also mean you won't qualify for student loan forgiveness programs such as PSLF. Immediately at consolidation, your new consolidation loan will be essentially equal to the sum of all your existing loans.

For example, when you consolidate certain types of loans, you might accidentally disqualify yourself for certain types of student loan repayment programs.

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