Q: Is there anyway to consolidate my federal student loans more than once, essentially I want to re-consolidate my existing federal student consolidation loan, just wondering if this is possible to do?
A: In most situations the answer is “no”. Once you have consolidated your federal student loans, there are very few exceptions in which you would be eligible to reconsolidate the loan. If you already have a federal consolidation loan with either Direct or FFEL, you will not be able to reconsolidate that loan with either program, unless you meet one of the following requirements (and this still may not a guarantee a reconsolidation opportunity):
Reconsolidating your federal consolidation loan may be allowed if it is necessary in order for you to participate in the Direct Loan public service forgiveness program.
If you have an eligible federal student loan that was not included in the first federal consolidation loan, then you may be able to obtain a new federal consolidation loan to include that loan. The eligible federal loan in question could be a new federal student loan (acquired after the initial consolidation loan), or it may be another consolidation loan.
For FFEL consolidation loan borrowers, if the loan is in default and if you agree to repay the loan under the Income Based Repayment or Income Contingent Repayment plan, you may be able to obtain a new Direct consolidation loan.
If you are a military service member, you are allowed to re-consolidate your federal consolidation loan in order to take advantage of the new limits on interest accrual for Direct Loans.
If you feel that one of the above circumstances applies to you, contact your lender for more information regarding your specific federal reconsolidation situation. For borrowers who have yet to consolidate their student loans, before making a decision to consolidate your student loans, do your research. We have a vast section on student loan consolidation available here on CollegeWhale, which can help you learn about student loan consolidation and answer any questions you may have on the topic of student loan consolidation.
What are the best student loan consolidation companies is perhaps the wrong…3 Quick Tips For Student Loan Consolidation
For many recent college grads, paying back your student loans may be…10 Best Student Loan Consolidation Tips
Student loan consolidation is often a very popular topic among recent college…How To Compare Student Loan Consolidation
If you have made the choice that student loan consolidation is the…
Have a college financial aid question? CollegeWhale.com is full on answers! Type your question in the search box to get started.
Sign up for The CollegeWhale.com Weekly Scholarship Round-Up, and let us bring the scholarships to you! Get a list of new available college scholarships delivered to your inbox each week.sign up