Is there a way to un-consolidate student loans that you already consolidated?
I consolidated my student loans and now am finding out that by doing so I may have voided my ability to defer them in the future. Is there some way to undo this?
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No. Your consolidation loan is binding. There is no going back once you’ve done all the paperwork and the process is complete. However, double check with your lender. I don’t believe you lose deferment options (like if you return to school) but you do lose many cancellation provisions by consolidating.
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I am sure you already know this but that is probably the worse financial mistake people can make is to consolidate loans.
Especially certain ones like the government gives out low cost loans on homes. It is such a great rate that no bank can even come close. So they go to the bank for a home equidy loan and the bank says we will loan you the full amount because we don’t want to carry a second on your house.
Sure they will, that is how they make their money.
But you just made the biggest mistake of your life and will pay double for that house.
To go back and get a government loan, and get rid of the finance company or the bank, after you realize you make a mistake. They are not going to let you do that.
They got you.
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You can not un consolidate currently under federal rules. You may still qualify for some deferments on this loan. Speak with your lender they are the best ones to assist you with this.
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