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Home Ask Student Aid FAQ Can I Consolidate Private Student Loans Through the Government

Can I Consolidate Private Student Loans Through the Government

At this time, you cannot consolidate private student loans through the government. But it is possible to consolidate private student loans by refinancing multiple student loans into one new loan. Refinancing is done through a private lender.

When you consolidate via refinancing, you can choose to refinance one, some, or all of your loans. You can also choose to include your federal student loans and private student loans when you refinance with a private lender.

You can also shop around and compare things like interest rates, repayment terms, and any lender specific perks.

But you must be sensitive to some important things:

  1. Refinancing is based on creditworthiness and income criteria. If you do not have a strong credit and employment history, you will likely need a cosigner to qualify.
  2. Should you choose to include federal loans in a private refinance, be prepared to forfeit certain borrower benefits such as generous deferment periods, income-driven repayment plans, and possibly loan forgiveness programs. Some private lenders offer brief periods of loan deferment under specific circumstances, but they are not comparable to the benefits of the federal program.