You can't consolidate private student loans into a federal loan, and you can't consolidate private student loans and federal student loans together. Student loan refinancing involves switching between private loan lenders to generally get a better rate or better terms. The only way to consolidate federal and private loans is with a private student loan refinance lender. You cannot combine these loans through the government.
Even if the interest rate on your federal student loans is high, you might consider keeping it if you want to have the option of using the benefits of federal loans in the future. If refinancing all your loans together is right for you, compare the rates of several private lenders to find the best deal. If you are unemployed or facing financial hardship, you have the right to pause your payment through a student loan deferment as long as you meet your requirements. Before you apply online, you'll select the loans you want to consolidate and review the consolidation options.
If you refinance federal student loans with a private lender, you will no longer be entitled to student loan forgiveness. You can consolidate private and federal student loans at any time by refinancing them with a private lender. You may not want to consolidate federal and private student loans if you already have a low interest rate on your federal student loans. You can consolidate private and federal student loans into a single payment by refinancing from private lenders.
Combining several private student loans, or a combination of private and federal student loans, is often referred to as refinancing, but some lenders may also refer to it as consolidation. Before you consolidate your federal and private student loans, keep in mind that the direct government consolidation loan cannot be used to consolidate private debts. Borrowers can have their federal student loans forgiven, canceled, or canceled in certain situations, such as working for an eligible public service employer or becoming totally and permanently disabled. It's not possible to consolidate private and federal student loans with a federal direct consolidation loan, but you can refinance them with a private lender.
It makes sense to consolidate federal and private student loans if the interest rates on your federal student loans are high and you don't intend to use the benefits of the federal loan. Once a consolidation loan is approved for you, your lender will use the proceeds from your new loan to pay your current student loans. If there's a chance that you'll need to use the benefits of federal loans, it might be best to keep your federal student loans. In addition, you won't have access to income-based repayment plans, loan extensions, or temporary suspension of payments if your financial situation changes.
