Consolidate consolidating consolidations loan loan student student
By this, I mean you and your spouse: If some or all of these are true, consolidating your loans into a single loan might seem attractive.
However, you might want to consider refinancing your loans separately before you decide on a spousal consolidation loan.
Unlike the other loans, consolidation loans have a fixed interest rate for the life of the loan.
Consolidation loans have longer terms than other loans. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans.
I’m going to briefly outline what spousal student loan consolidation is, why you might want to do it, why you might want to avoid it, and ways to change it if you have this kind of loan.
Spousal student loan consolidation is when you combine your student loan or loans with that of your spouse into a joint loan that bears both of your names.
Spousal student loan consolidation is something you might be considering, or perhaps it’s something you’re keen to get out of.
Either way, there are some key details about this particular loan situation that are important to know.
The two loans would be paid off by a single new loan in both your name and your spouse’s name.
Maybe you are desperate to take advantage of a loan forgiveness program that’s impossible to access with a joint loan; maybe you’re getting divorced and the prospect of sharing debt with your ex for years to come is a very unpleasant one.
Whatever the reason, you are in a tricky situation.
In the United States, the Federal Direct Student Loan Program (FDLP) includes consolidation loans that allow students to consolidate Stafford Loans, PLUS Loans, and Federal Perkins Loans into one single debt.
This results in reduced monthly repayments and a longer term for the loan.
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