Who Should not Consolidate Loans?
Not all student loans can or should be consolidated. Exceptions include federally subsidized Perkins loans. That’s because the benefit of government loan-forgiveness for Perkins loan borrowers who later enter qualifying teaching, law enforcement or military service will be lost when these loans are consolidated. Some former students who accept jobs in certain professions, such as teaching, may also qualify for partial forgiveness of their students loans. Look into these programs before you consolidate your loans. Also, many consolidation loan providers require that your initial loan consolidation amount be at least $7,500. MMVII, CBS Interactive Inc. All Rights Reserved. Share: Digg Facebook Yahoo! Buzz Twitter Mixx More From Ray Martin • Cashing In with Credit Cards • How to Save for College • Keeping Your Health Plan Right for You • When Renting Out Your Home Makes Sense • How New Credit Card Rules Affect You • Bailouts Beyond “Clunkers” Sure Ways to Save on Auto, Home Insurance –>
