Consolidating for the SECOND time?

[ToddieM]

Has anyone had any luck with consolidating a student loan the second time. I have a huge (151K) student loan that I'm paying over 6% interest on.

I've been denied time and time again because the consolidators say you can only consolidate once.

My student loan is currently held by a single lender (Collegate Funding), serviced by SunTech...

[tiggerlgh]

My understanding is that you can only consolidate a second time if you have new student loans, if there are no new loans there is nothing to "consolidate" and therefore can only be done once. So assuming you only have one loan now that has already been consoldated, no you cannot do it again. I am sure one of the experts will correct me if I am wrong but that is my understanding.

[99gixxer]

I am in the process of consolidating a second time with UHEAA. Apparently, if you consolidated originally with Direct Loans, you are allowed to consolidate a second time without adding a new loan. This is something special about the Direct consolidation loans though.

 

The only real benefit that I get by consolidating a second time with UHEAA is the 1.25% deduction for auto loan payments and the 1% deduction after 48 payments.