Start Consolidating private and federal student education loans

Consolidating private and federal student education loans

Also, borrowers may rehabilitate defaulted loans by consolidating them and agreeing to repay them in the income-based repayment plan.

Borrowers may also change repayment plans at least once a year.

Although student and parent borrowers are each eligible to consolidate their loans, they may not consolidate their loans together.

Married borrowers may no longer consolidate their loans together.

To be eligible for Federal Loan Consolidation, borrowers must have at least one loan from the Federal Direct Loan program or Federal Family Education Loan (FFEL) program that is not in an “in-school” status.

By refinancing federal student loans into a private loan, this can cause the loss of eligibility for deferment, forbearance, forgiveness, and cancellation options, as well as eligibility for affordable repayment plans based on income, which may be available under the federal loans.

Some private lenders offer certain forms of relief to borrowers who are struggling to make their student loan payments (such as forbearance plans, repayment assistance, and other relief), but these options are available at the sole discretion of the lender. If you don’t know whether your student loans are private or federal: Each private lender has different criteria.

If you're consolidating with a private lender, consolidating your loans means combining and refinancing your loans into one new private loan.