You can’t consolidate private loans in the federal Direct Consolidation Loan program, but some private lenders allow you to consolidate federal and private loans together.
When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.While both may be eligible for consolidation, it is important to think of these two types independent of each other when considering consolidation.Federal student loans are the easiest and most beneficial to consolidate because they offer low interest rates, increased payback terms (which decreases the monthly cost) and because they reduce the number of lending institutions you have to pay every month.When you decide to consolidate, our partners will make the process easy for you. The federal student loan application process is detailed. Your paperwork will be prepared and submitted for you, after your approval.A lower monthly payment and a more forgiving timeline is the second chance you’ve been waiting for. All federal loans have fixed payments, so be sure to make your payments on time and feel good knowing you solved your debt issues by being proactive.The first stage of review to verify how many of our loans qualify for consolidation.