Michael asked:


I have 52k in student loans, my wife has another 30k. The first question is should we consolidate them all togeather and 2nd question is what if we have a finacial hardship or some other unforseen event and cant make the payments. Does the William D Ford Federal Direct consolidation loan have deferment options like I do now with all these individual loans? Thank you all for your time.

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One Response to “If I consolidate my student loans can I differ them if I come under financial hardship like individual loans?”

1. Caffeinated Content on October 2nd, 2008 2:01 pm

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   You can consolidate all of your own loans, and your wife can consolidate all of hers, but you cannot jointly consolidate. The federal government eliminated that option when they changed the loan program in 2006.

   According to its website, that consolidation loan does have deferment options.

   I recommend using deferment or forbearance as little as possible because it does have a limit. Save it for when you may really need it, like unemployment or a financial emergency. (DH’s first job out of college was eliminated by the state government after four months. We had to move to a different state for him to find one in his field)

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