Consolidating private student loans federal student loans
If some or all of your student loans were from private lenders, you will have to use a refinancing program to achieve similar results.
Consolidation is a way to make repaying student loans more manageable, and possibly less expensive.
You may not wish to consolidate all of your federal loans. Because some may come with extra benefits, like Perkins subsidized interest, or cancellation and discharge programs. Plus, if you have a loan with a higher interest rate than the others, you may wish to pay that off on its own.But, consolidating your current loans means you’ll lose credit for any payments you’ve already made toward income-driven repayment plan forgiveness or PSLF.And if you have Federal Perkins Loans, you’ll lose benefits like subsidized interest and cancellation/discharge options.If you plan to work toward PSLF, it may make sense to choose Fed Loan Servicing.For private student loans, there are several private student loan companies that do refinancing.