Consolidate Student Loans While in Forbearance or Deferment?

[mochabean22]

My students loans are currently in deferment and some in forbearance. Are you able to consolidate them while they are in this status. I have loans with ACS, AES, Wachovia, and someone else (the name escapes me). I am getting confused, because all of the due dates are different and too many different lenders.

Would it be wise to consolidate or just leave them alone and think of a better way to manage these? I know for sure that when you consolidate, your principal seems to double and I am trying to buy a home within the next 6 months.

Please advise or give any suggestions.

TIA

[sassyat38]

consolidate.  I was also in forbearance/deferment and I had about 9 with all various due dates and also could not keep up.  I had ACS/Sallie Mae, etc.  I consolidated and there is one payment and the rate was really good.  Also with consolidation you can also go into forbearance or deferment if needed.  One payment is better than 9 believe me.  Oh and my student loans for a Masters is about 75,000 welcome to the student loan club.

[mochabean22]

Do you think that this will affect me with trying to get a home loan? I'm looking to purchase within the next 6 months and I don't want it to affect anything.

[Nectarine]

If you have some federal loans, you can consolidate them no matter what with the federal government.

http://loanconsolidation.ed.gov/

The downside is that they only do federally-backed loans, so they don't do private loans at this time.  

[mochabean22]

Thanks...

Will this hurt me and my DH from getting a home loan though?

Message Edited by mochabean22 on 10-26-2008 08:10 PM