Can you consolidate student loans and afterward get them deferred if you go back to school?

Question

So Sallie Mae loans and Direct loans, I want to consolidate, lower my payment, etc. Once I do that, do they still have options for deferrment, such as lack of income, going back to school, whatever?

Answer 1

Yes you can defer the consolidated loans while you attend colleges at least half time. You would not be require to pay the student loan monthly payments while you are still in school, because you would be considered as having " in school status". Once you drop below half time status or decide to take a semester off, you will be required to pay the monthly payments.

Answer 2

Yes, the various deferment options are still available even if you have consolidated your Stafford and/or Perkins loans.

Here's a little known fact: The government is still able to track which parts of your consolidation loan are made up of subsidized loans and which parts are unsubsidized. Even if you consolidate, any part of the consolidation loan that used to be a SUBsidized Stafford loan will become subsidized when you enter an approved deferment period. So, if you go back to school the part of your Federal Consolidation Loan that used to be a Federal Subsidized Stafford Loan will stop accruing interest. Neat, huh? (For proof, see page of this form: http://ifap.ed.gov/dpcletters/attachments/FP0606SCH.pdf)

[If you log on to www.nslds.ed.gov, you can view your loan history (or have your school do it for you) and see how much of your consolidation loan is Sub Stafford and how much is Unsub. Stafford.]

Note of caution: while the deferment options are nicely retained during consolidation, forgiveness options are forfeited. If you think you might be eligible (for example) for a Perkins loan teacher forgiveness, don't consolidate that loan. If you do, you will not be able to regain that benefit.

Answer 3

I'm sorry I don't know about this

Answer 4

Pretty good arguments.

Answer 5

YES.