Private Loan Consolidation
Undergrad Undergrad Tuition & Financial Aid About the Process Managing Repayment
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Tuition & Financial Aid
- Home
- About the Process
- Before You Apply
- Apply for Aid
- Apply for Additional Gift Aid
- Special Circumstances
- Updating FAFSA After Filing Taxes
- Financial Aid Verification
- After You're Offered Financial Aid
- Maintaining Eligibility
- Managing Repayment
- Tuition & Cost of Attendance
- Types of Aid
- Dates and Deadlines
- Forms and Resources
- Frequently Asked Questions
- BUILD Students
- Contact Us
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.