Student loan consolidation can help alleviate the confusion, frustration and cost of making multiple payments and may reduce your overall cost of borrowing.
Student loan consolidation makes it possible to combine your outstanding student loans into one, convenient loan. There are two types of consolidation: private student loan consolidation and federal student loan consolidation. You can read the full details for each at the links below.
Generally, you can combine private student loans from one or more private banks or lenders into one loan made by an existing lender or a lender that specializes in consolidating private loans. However, you shouldn’t and in most cases can’t, consolidate federal student loans into a private consolidation loan.
You can consolidate most types of federal student loans into a Federal Direct Consolidation Loan. Private student loans are not eligible for consolidation into a federal consolidation loan.