Loan Consolidation with a Perkins loan?
June 30, 2012 7:52 PM   Subscribe

Should you apply for Special Direct Loan consolidation if you have a Perkins loan?

Is it more fiscally savvy to consolidate student loans through the traditional direct loan consolidation program or the Special Direct Consolidation program if you have a Perkins loans? Fyi: I'm going to be in school for at least another 5 years if I get into professional school.

The traditional direct loan consolidation program allows you to include Perkins loans in the one monthly loan payment. The special direct consolidation program would result in a lower interest rate, but would exclude the Perkins loan from loan forgiveness eligibility. How do I decide which type of consolidation is best for me? I haven't been able to find info comparing the advantages and disadvantages of the two programs for Perkins loan holders.
posted by sunnychef88 to Work & Money (1 answer total)
This website looks like a scam but it's an official site with good info (scroll down to the perkins loan consolidation question)

I think it really depends on your individual situation, though in general I've heard it's usually a bad idea to consolidate Perkins loans. Were you planning on going into a public service career that would have forgiven your Perkins loan? If so you can always consolidate your Stafford loans by themselves at a lower interest rate and leave the Perkins alone so it could potentially be forgiven.
posted by wannabecounselor at 9:03 AM on July 1, 2012

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