once we consol, is there ever a time we can consol again at a better int rate?

Kelly

It will depend to some extent on who you consolidated with. If you consolidated with Direct Loans, there are a few consolidators that can reconsolidate you. If you consolidated with anybody else, then the only way you could reconsolidate is if you a) left a loan out of the original consolidation took out a new federal student loan. However, reconsolidation would not automatically lower your rate. Consolidation creates a fixed rate loan and when you reconsolidate that rate would most likely be the major factor in calculating the new rate.


fla-tan

How about a William D Ford (direct loan). Can that loan be refinanced? I keep getting calls and mail from companies wanting to refinance/consolidate my loans. Even a 1% interest rate reduction would make a big difference.

EdG

Ed

They will not be able to change your base federal rate, but some of them can offer you a reduction after a specified time period. You also have to watch to make sure that if you have received a 0.8% reduction that Direct was offering a few years ago, that you do not lose it. If you are interested in knowing what your options are, you may want to contact American Collegiate Financial Services (their link is in the useful links post) they say that they will not fund your reconsolidation loan without going over your final numbers first.


fla-tan

Fla-tan,


Do you know the specific lenders who will reconsolidate Direct Loans consolidated loans?


Thanks,

I had a direct loan, then consolidated with William D Ford, then consolidated again with Sallie Mae. I went from 8% with WDF to 5.75% with Sallie Mae.