consolidating Private & Federal Student loans?

is there a way to consolidate private and federal student loans?...if so can someone suggest a company?

10 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    Unfortunately you are unable to consolidate your Federal Student Loans with your Private Student Loans through the FFELP Consolidation Program.

    Some private loan companies will allow you to consolidate both your Federal Student Loans and Private Student Loans together; however, 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.

    I Hope this helps you out! For more information on Federal vs. Private Student Loan Consolidation please visit the source below.

  • Anonymous
    1 decade ago

    My daughter consolidated private and federal. (most federal are actually privately held anyway, just federally backed/insured in case of default)

    There are MANY companies that consolidate. My first advice would be DO NOT consolidate with Sallie Mae or the others that initially write the loans for your college. They usually are much less personal to deal with and feel that they have you already, so don't need to be competitive.

    If you do a search and study the options, you will find a consolidation plan right for you. Interest rates and terms change, and there is no one company that will fit all financial needs.

    Make sure that you get all your loans listed when you consolidate. Your financial aid office should be able to help you locate them all. My daughter missed one, so had to pay it separately. Luckily it was small enough that she just paid it off completely.

    I know that doesn't give you a specific company to look for, but hopefully it will give you a start in the right direction.

  • 4 years ago


    Source(s): Best Private Student Loans -
  • 1 decade ago

    There are some private lenders out there who are willing to do this, but there is a good chance it will not be in your best interest.

    On your federal loan (is it a Stafford loan?) there is a grace period available as many deferment & forbearance options available if you ever need help or lose your job, etc. On private loans there is typically very little or no time available for deferment or forbearance. In addition, private loan interest rates are higher. The reason for this is because federal loans are backed by the government, there for there is no chance the lender is going to lose money if you don't pay. With private loans this obviously is not the case, so they jack up the interest rates to make up for it.

    So not only will it probably raise your interest rate, you will lose your options for assistance, but you will also probably come out paying more interest in the long run. Typically consolidation will stretch your payment out over a longer period of time, so instead of paying interest for 10 years (the typical length of repayment on a federal Stafford loan) you may be paying for 20-25+ years. That means 10-15 extra years worth of interest.

    I hope this helps at least a little bit. If you have any questions feel free to email me!

    Source(s): Work for student loan company.
  • How do you think about the answers? You can sign in to vote the answer.
  • 1 decade ago

    Yes you can consolidate both private and federal student loans. Shop around and compare offers from several lenders to find the best deal. Also, make sure you tell the lender that you're shopping around so that they all give you their best deals. Then you can select the best offer out of the bunch.

    Things to look for:

    minimum monthly payment

    cash back

    overall interest rate

    deferment options (can you delay payments for a few months)

    Here are some of the companies I'd recommend: - student loans and consolidations - get up to four competing offers from banks, no obligations - big student loan lender

    Also, check with your current lenders to see what rates they offer.

    Good luck!

  • Anonymous
    1 decade ago

    Some private consolidation lenders will allow you to consolidate federal and private student loans together. Sallie Mae strongly discourages borrowers from doing this, as it may result in the loss of subsidies, grace periods, deferments and other benefits.

    Despite the previous answer, it is the best idea to call your current lender(s) to see what options they can provide for you. For some students, consolidation may not be the best answer, depending on the interest rate of their current loans. There are other repayment options available, depending on what your goal is - to get the lowest monthly payment, or to pay your loan off as quickly as possible, or to start with lower payments and gradually increase them, or to pay the least amount of interest over time.

    The financial aid office of your school might also be willing to guide you to a reputable consolidation company. Good luck.

  • Anonymous
    1 decade ago

    You can consolidate Private and Federal Student Loans. I typically recommend Chase Bank, which has a student loan consolidation application online. You can reach them through also

    Each lender will offer slightly different programs. After you've applied online you'll talk with a loan counselor that can give you details of what their company offers. (some give a discount for on-time payments, some give discounts for auto-deduct of payments from a checking account) Be sure to check with several to make sure you find one that fits your specific needs.

  • Jdub
    Lv 4
    1 decade ago

    The last I heard, you are not able to consolidate private and federal loans together. Unless a rule changed somewhere, I believe that is still the case. Even if you were able to, you shouldn't. Doing so would remove the deferment/forebearance/foregiveness provisions. It would also remove the grace period. For sure it will change your subsidized loans to unsubsidized and would likely remove the tax benefits.

    Additionally, you don't want to consolidate your Perkins with your federal subsidized and unsubsidized loans. It will change the grace period, interest rate, type and repayment terms of your Perkins.

  • Anonymous
    6 years ago

    You'll be able to instanly find a quick payday loan as much as $1000 employing this site: I acquired my payday loan despite the fact that I had extremely bad credit history.

  • 1 decade ago

    They do private and federal together...really low rates! Helped lots of friends I know..

    You might want to hurry!

Still have questions? Get your answers by asking now.