Can anyone offer advice and/or personal experiences regarding consolidating federal AND private student loans?
I am trying to learn about the best way and the best lender, if any, with which to consolidate my federal AND private student loans TOGETHER into one, consolidated loan and payment. Any suggestions or experiences would be greatly appreciated.
- pepperLv 71 decade agoFavorite Answer
Not together. You can consolidate federal student loans:Source(s): (You wouldn't want consumer interest rates on your student loans anyway!) There is a reason for this. The loans cannot be co-mingled with any others because they cannot be discharged in a bankruptcy.
- Student LoansLv 41 decade ago
Unfortunately you are unable to consolidate your Federal Student Loans with your Private Student Loans through the FFELP Consolidation Program.
I would also advise against consolidating your Federal Student Loans with your Private Student Loans because you lose all your Federal Benefits on your Federal Student Loans if you do consolidate the two types of loans together.
It does seem that you are very interested in Private Loan Consolidation however. I would suggest waiting until July 1st when programs are expected to improve. Hope this helps you out! For more information on Federal vs. Private Student Loan Consolidation please visit the source below.
- Anonymous1 decade ago
From my own experience, I have tried to consolidate both federal and private loans, but have not found anyone who can do that. I know that you can consolidate federal loans, but, as far as I know, you cannot consolidate private loans.
- cywinskiLv 44 years ago
My daughter consolidated inner most and federal. (maximum federal are actual privately held besides, basically federally subsidized/insured in case of default) there are a kind of organizations that consolidate. My first suggestion will be do no longer consolidate with Sallie Mae or the others that originally write the loans on your college. they oftentimes are a lot less own to attend to and sense that they've you ever already, so do not prefer to be aggressive. in case you do a search for and study the options, you'll come across a consolidation plan ideal for you. interest expenditures and words change, and there is not any individual organization which will in nice condition all economic needs. basically be particular you get all of your loans indexed once you consolidate. Your economic help workplace should be able which will be useful you locate all of them. My daughter neglected one, so had to pay it one at a time. thankfully it become sufficiently small that she basically paid it off thoroughly. i recognize that would not grant you with a particular organization to search for, yet with somewhat of success it grant you with a commence contained in the right route.