Is it possible to consolidate Federal Stafford Student Loans and SELF Student Loans?
Asked by hardlycleverI'd like to consolidate my student loans (Federal Stafford Subsidized & Unsubsidized; SELF Loans) without applying for a private loan. Is this possible?
Favorite Answer
Answered by Student Loans
Consolidating your Private Student Loans, which is not exactly a SELF Student Loan but is similar, is a very good idea; however, I would advise against combining the loan types together. Under the FFELP Consolidation Loan Program SELF Student Loans cannot, by law, be included in a Federal Consolidation. If you were to combine your Federal Student Loans with your SELF Student Loans you would lose all of your Federal Benefits that come along with your Federal Student Loans. Your Federal Benefits are standard on all Federal Student Loans, some which include: unlimited in school Deferment, Federal Subsidies on some loans, interest paid being tax deductible, and 3 years of Forbearance and Deferment. If you were to combine your Federal Student Loans with your SELF Student Loans you would lose all these benefits. For more information on your Federal Benefits please visit the source below.
Consolidating your Private Student Loans, which is not exactly a SELF Student Loan but is similar, is a very good idea; however, I would advise against combining the loan types together. Under the FFELP Consolidation Loan Program SELF Student Loans cannot, by law, be included in a Federal Consolidation. If you were to combine your Federal Student Loans with your SELF Student Loans you would lose all of your Federal Benefits that come along with your Federal Student Loans. Your Federal Benefits are standard on all Federal Student Loans, some which include: unlimited in school Deferment, Federal Subsidies on some loans, interest paid being tax deductible, and 3 years of Forbearance and Deferment. If you were to combine your Federal Student Loans with your SELF Student Loans you would lose all these benefits. For more information on your Federal Benefits please visit the source below.
