Through private loan consolidation, you can combine your private loans so you only make a single monthly payment. You generally can't consolidate your private loans with any federal loans. You’ll need to pass a credit check.

Advantages

1 monthly payment
Extended repayment period
Possible lower monthly payments (depending on credit score)
No prepayment penalties

Disadvantages

Possible higher interest rate (depending on credit score)
Loan is not forgiven upon borrower’s death
No hardship or forbearance options
Processing fees
Loan origination fees

More Information

For more information about private loan consolidation, visit FinAid.org.

Private Loan Consolidation

Advantages

Disadvantages

More Information

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