Private College Student Loan

Can federal and private student loans be consolidated?

I have recently heard that private student loans cannot be consolidated, only federal student loans. Is this true? I just graduated from college and I mainly have federal student loans, but I also have one private student loan. I have always assumed that student loan consolidation meant consolidating all of your student loans. Can anyone help me out on this or does anyone know if some places consolidate both?

Public Comments

1. You may be able to consolidate you private loans with a private lender, but you will not be able to consolidate them with the federal government (Direct Loans), you will probably have to consolidate them with the bank with whom you originally took them out with. Hope that helps you and best of luck.
2. NO
3. In the United States the Federal Direct Student Loan Program (FDLP) include consolidation loans that allow students to consolidate Stafford Loans, PLUS Loans, and Federal Perkins Loans into one single debt. This results in reduced monthly repayments and a longer term for the loan. Unlike the other loans, consolidation loans have a fixed interest rate for the life of the loan. http://loan-house.we.bs/loanconsolidation.html Consolidation loans have longer terms than other loans. Debtors can choose terms of 10–30 years. Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans. The fixed interest rate is calculated as the weighted average of the interest rates of the loans being consolidated, assigning relative weights according to the amounts borrowed, rounded up to the nearest 0.125%, and capped at 8.25%. Some features of the original consolidated loans, such as postgraduation grace periods and special forgiveness circumstances, are not carried over into the consolidation loan, and consolidation loans are not universally suitable for all debtors.