Private College Student Loan

Student loan consolidation question...?

I have a government loan (the Ford Subsidized Loan) and a private loan (the SELF loan). I was told that I couldn't consolidate with a federal and a private loan. Is this true? Can anyone give me any insight to student loan consolidation? My loan payments will be starting in early December for the Ford loan, so I would like to figure it out ASAP. I have an excellent credit rating and I have always made my loan interest payments on time. I don't know if that helps or makes a difference. Thanks!!

Public Comments

1. Correct, you are unable to consolidate a federal & private loan into one. Right now, due to economics, it is difficult to get a decent rate with lenders across the board. Contact your Financial Aid office to see which lenders they are currently working with for both private & federal. When I did consolidate mine (federal), I checked out http://loanconsolidation.ed.gov & http://www.nelnet.com/. Those (2) are legitimate. It is easy to call them and speak with a consultant over the phone. Since you should be going into repayment, you may have to make the first few monthly payments until your paperwork has been processed. The consolidation advisors will walk you through everything as to how to contact your current provider or they may on your behalf before the loan goes into repayment.