Basically, any loans that do not qualify for federal student loan consolidation can still be consolidated with a private student loan.
Here are some of the benefits many of our lenders can offer with private student loan consolidation: If you have federal student loans, you can apply for federal student loan consolidation with one of our lending partners.
The process of merging or combining one or more existing student loans into a new single loan with one repayment plan.
Student loan consolidation helps with a primary goal of reducing monthly payment amounts or reducing the number of companies to deal with, or both.
Definition: To refinance private student loans means to restructure student loan debt, usually at a lower rate and with an extended repayment term. Borrowers can refinance both private and federal student loans.
To qualify, you must have a strong credit profile and employment history, or proof of income.
The answer is a thunderous "maybe." A lot has changed in the student loan landscape over the last 10 years (and even in the last year).
You can combine both federal and private student loans, should you choose to do so. In contrast, student loan consolidation typically refers to the federal program known as the Direct Consolidation Loan; although sometimes people use the term ‘consolidation’ to simply describe the merging of many loans into one.
The Direct Consolidation Loan program is for federal student loans only.
However, private lenders are increasingly offering lower rates than the federal government for high credit-quality graduate students.
So if you're in that position, should you take advantage of it?