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Can you re-consolidate a consolidation?
I had all of my student loans consolidated a few years ago and was able to pay less by doing so but still will be paying for 18 more years. I have made all of my payments but I have hospital debt as well and have recently come across a company that consolidates all debts (not just student loans) and the payment plans are sometimes only 4 years or so. The sooner I can come out of debt, the sooner I can feel like an adult who is in control of my own life!
Does anyone know if I can have loans that are consolidated by one company re- done by another consolidation company? Or am I stuck with what I have?
If this matters, my loans are now serviced through Navient. I have a federal and a state unsubsidized and a subsidized (From Sallie Mae and FAFSA I believe). I owe now around $9000-$1000 in these after paying for several years. Due to interest I've paid and paid but the balance hasn't really changed due to taxes on them that my consolidator charges and makes sure fluctuates. That sounds crazy but it's the only way I could afford to make payments. I owe around $7000 in hospital bills.
2 Answers
- nancyLv 72 years ago
You cannot include loans that are not federal student loans.in a federal consolidation, so if you currently have a federal consolidation, then you won't be able to do a new federal consolidation that includes your medical bills. You can include all of your loans (including the medical bills) in a new consolidation with a private company. However, be very, very careful and make sure you read and understand all the terms of the new consolidation before you do this. These companies are often little better than loan sharks. If you're currently in a federal consolidation, you will probably have a lower interest rate, better terms, and protections that private consolidators don't offer. In most cases, it makes more sense to leave your federal student loans in a federal consolidation, and do a separate consolidation for all your other debt. There's nothing that prevents you from paying your current loan off early--if you want to reduce your loan term, simply make extra payments.
- doctormcgoveranLv 62 years ago
you may be eligible for a cancellation, keep applying and see if the ombudsman can get you off the hook.
