Reconsolidating student loan

WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.

This is because you will lose your rights under the federal loan programs once you choose to consolidate with a private lender.

My son’s college education was 100 percent financed through student loans and parent Plus loans.

While the interest is deductible, my income is such that only a fraction of the interest can be deducted.

I am struggling with the more than $900 monthly payments, and the thought of making these payments for the next 20-plus years is frightening.

I may be a little naive here, but have you given any thought to approaching your ex-husband or — less naively — your son about contributing toward these student loan payments?

Your son gained the benefit of your financial commitment to his education.

You will no longer be listed as currently in default on your credit records, and no longer subject to tax intercepts, garnishments, or other collection efforts.

Once you are out of default, you can also choose one of the income-driven repayment plans.Bankrate’s content, including the guidance of its advice-and-expert columns and this website, is intended only to assist you with financial decisions.The content is broad in scope and does not consider your personal financial situation.These include deferment, forbearance, cancellation, and affordable repayment rights.Federal Consolidation Loans for Borrowers in Default As of July 1, 2010, the Direct Loan consolidation program is the only government consolidation loan program.While it wasn’t your plan to do this, ask him to pay part of the freight.

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