What would you do? Need your advice..

[MexicanDr]

Hello everyone-

Quick question:

I have ~50K on student loans (Federal) from my undergraduate degree; a couple of them in default already. I am going to start Graduate school this Summer/Fall 2015.

I have been thinking about consolidating my student loans to get out of default and start making payments; as a matter of fact I was about to do it a few weeks ago when I thought about my Grad school cost. I will be requiring some student loans for graduate school, approximately ~50K.

If I consolidate my undergrad student loans, can I then consolidate my grad school loans with my undergrad loans? I want to fix this undergrad loan issue and the best way to do it is by consolidating. I am doing midlevel for my graduate education, so that will be a two year wait.

What do you recommend ?

Thanks in advance

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[dpmd]

The important thing is to get out of default. If consolidation is what you need in order to do that fine, but you need to take care of this. Check to see if consolidation lets you keep things like in school deferment (i think it does but haven't looked at the rules lately) because you will benefit from having that. Being in default may affect your ability to take nore loans so get on it now.

 

[deleted480308]

Yeah, you have to get out of default if you are going to be needing a lot more loans