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Consolidating school loans private loans

Repayment terms are typically extended (usually up to 20 years) and interest rates are often competitive.A private consolidation loan combines several private student loans into a single, more manageable loan.

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Private student loan consolidation can streamline repayment by replacing multiple payments with a single monthly payment.

You can only consolidate federal, not private, student loans through this program.

(Note: You cannot consolidate federal and private student loans together through the federal government, either.) You can consolidate an existing Direct Consolidation Loan so long as you have a new eligible loan with which it can be consolidated.

You're effectively replacing your existing loans with one new loan, and you can choose from options that offer you access to different loan terms and fixed, variable, and hybrid interest rates.

With many private lenders, you can consolidate both private student loans and federal student loans separately or together.

94 comments

  1. Mar 9, 2015. You have some flexibility in picking your loan term, but you'll simply receive an interest rate that's a weighted average of your existing rates. You can only consolidate federal, not private, student loans through this program. Note You cannot consolidate federal and private student loans together through the.

  2. Sep 27, 2013. Borrowers who have private student loans from lenders like Sallie Mae and others, have very few options. But, there are a few strategies you should try.

  3. Consolidation. If you have private student loans, private loan consolidation may be a good option. This allows you to have one monthly payment instead of several, and may allow you to lower your monthly payment and/or give you a better interest rate if your credit has improved since you originally took out the loan.

  4. Private student loan consolidation allows you to combine multiple private and/or federal student loans into a single, new private loan. The term “consolidation” is a bit misleading, though, because what you're really doing is refinancing. But some people find it easier to think of the process as “consolidation” to directly.

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