I fear the answer to this is likely to be no, but I figured I'd give it a shot.My wife and I consolidated our student loans several years ago, at 7.625. So yeah, we're screwed on interest rate.But right now we're both working on second degrees (work for a university, so school is free) and our loans are in deferment status. We're doubling up on payments to our unsubsidized loans, knocking out all the principle we can while the subsidized loans just sit there not accruing interest.Our "problem" is that my wife will finish her MA in a year or so, then will stop taking classes when we have a child. At that point, since we won't both be half-time, we'll lose our deferment status.Having said all that, is it possible for me to consolidate our spousal consolidation loans over just to me, so that if I continue to work on a degree I can keep them deferred?
Our "problem" is that my wife will finish her MA in a year or so, then will stop taking classes when we have a child. At that point, since we won't both be half-time, we'll lose our deferment status.have her take 2 3-credit classes at the UDGR level. This will also keep her loans in deferment and, if you're taking MA classes, it won't be that big of a difference in work load/time spent.SMae doesn't care about the degree or the classes, just as long as you are in school, part-time.I myself have taken ballet, modern dance, basic drawing, handmade tiles, costume techniques and 2-d design. My criteria for classes are that they have to 1. be interesting2. fit my schedule3. have no or minimal homework ;D (No algebra for me just yet.)It's working out great.b(also consolidated at 7.75%)
have her take 2 3-credit classes at the UDGR level. This will also keep her loans in deferment and, if you're taking MA classes, it won't be that big of a difference in work load/time spent.We know that is an option, but we're also not sure that she will want to take classes while pregnant, and we're fairly sure that at least during the first year of the child's life, she might be too busy to do it.Maybe if she took goofball classes, it could work, I guess. Although the forms we've filled out for deferment seemed to make it pretty clear that we had to be working towards a degree, not just taking random classes for the sake of taking them (and keeping the loans deferred).What I'd like is to "transfer" our spousal loans over to me alone. Probably not possible, but if it were possible, I could keep taking classes and keep the loans deferred.
Since you obviously have confidence that moving the loans to yur name is a solid move, I would suggest applying for a FAFSA and seeing how much you can take out (the max federal is $18,500) for 'living expenses' and repaying your current loans with that. Yes you will get hit with the 3% orginination fee, but there are rebates that will cover most of the initial cost. Even though you don't need the $ for tuition most grad student budgets according to the FA office are large enough that you will likely wind up with a very large check. Although this may only cover a small portion of your loans it has the potential to significantly lower your interest rate and it's possible some of it could be sub money. In fact if you have enough time you might still apply for aid for this year and start converting your loans now. I would not rec. going for the private loans that you may be offered in addition to the federal ones. ORgrrl
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |