What types of private loans are eligible for consolidation?

Most private student loans are eligible for consolidation. The criteria usually depend more on the accreditation status of the school than on the type of private student loan.

Most lenders, however, will not allow borrowers to use a private consolidation loan to refinance federal education loans. Generally, refinancing a federal education loan into a private loan is not recommended. Usually the federal education loans have lower fixed interest rates, so a private consolidation loan may cost the borrower more. Also, federal student loans have numerous benefits and protections that are not available on most private student loans, such as generous deferments and forbearances, income-based repayment and public service loan forgiveness provisions.