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Student loan consolidation is like a refinance, with a new combined loan paying off the old loans. This also reduces the number of monthly loan payments. A consolidation loan simplifies repayment by replacing multiple loan payments with a single loan payment.
While private student loans cannot be included in a federal consolidation loan, one can consolidate the federal and private student loans separately. Federal education loans, such as the Federal Perkins loan, Federal Stafford loan and Federal PLUS loan, may be included in a federal consolidation loan. Non-federal education loans, such as private student loans (also known as alternative student loans) and state education loans, may be included in a private consolidation loan.
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