Consolidate Required Field Bulletin For Free

The double consolidation Parent PLUS loan loophole is a strategy that allows borrowers to reduce monthly payments by consolidating Parent PLUS loans twice, unlocking favorable repayment plans through federal programs. It typically takes 12-16 weeks to complete.

Your monthly payment may go down, but you may have to pay longer. If you have unpaid interest, your principal balance will go up. Your new consolidation loan will generally have a new interest rate. You can lose credit for your payments toward income-driven repayment (IDR) forgiveness.

Consolidating student loans can both positively and negatively impact your credit score. It can simplify repayment, possibly lower interest rates, and improve credit scores over time with on-time payments.

You may be able to consolidate your student loans even if you've already done so. If you have federal loans, student loan consolidation allows you to combine multiple federal student loans into one and keep the borrower protections and payment options that federal loans enjoy.

You can consolidate a consolidation loan only once. In order to reconsolidate an existing consolidation loan, you must add loans that were not previously consolidated to the consolidation loan. You can also consolidate two consolidation loans together. But you cannot consolidate a single consolidation loan by itself.

Consolidation could lower your monthly payments when payments begin again. However, consolidation could also extend your repayment period (how long it takes you to pay off your loan). For example, consolidation could raise your repayment period from 10 years to 20 years.