Can I Consolidate My Student Loans More Than Once?

Are you wondering, “can I consolidate my student loans more than once?” If you have federal student loans and you want to consolidate them, you can end up with a lower interest and a lower monthly payment. But if you’ve already consolidated a student loan, as a general rule you cannot consolidate it twice. There are, however, two exceptions to this rule.

Can I Consolidate My Student Loans More Than Once?

If you ask, “can I consolidate my student loans more than once?” the answer is yes in only two cases. The first exception to the “once-only” rule is if you go back to school. If you do return to school, then your current student loans will go under what’s called deferment so that your payments are temporarily suspended while you’re in school.

Then when you finish the schooling, if you took out new student loans to pay for the school, you can apply for a consolidation loan that covers both the new and the old loan even if it was a consolidation. That’s one situation where the question, “can I consolidate my student loans more than once?” is answered with a qualified yes.

The other situation is if you have more than one consolidated loan. If you previously consolidated all your loans into one loan with one payment, you can’t just decide to re-consolidate that single loan. But if you have another loan and you want to combine the two loans, then you qualify for a consolidation loan that would combine the two loans into one and give you one monthly payment instead of two.

You should look at both loans carefully and determine whether it would be a good financial decision to consolidate them. And remember that you shouldn’t (and in many cases can’t) combine federal and private student loans or their consolidations.

If you have to that are eligible and in combining them you would benefit with much lower interest and/or payments, then doing so could be a very good decision. In some cases, one loan might have lower interest or not much left on the principle so that it would actually cost you far more in both money and time to consolidate it with a larger loan.

When you ask, “can I consolidate my student loans more than once?” and you find that you qualify for the exceptions to the general “no” just be sure that you’ll end up with a better deal by consolidating and that it’s right for you.

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