Consolidating private student loans with federal student loans
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
To begin the process, simply go to If you also have private student loans, or if you’re in a strong financial situation with a good credit score, the smart thing to do is find out what a private lender can offer you.
Use a consolidation calculator to compare monthly payments under three different scenarios: federal student loan consolidation, private student loan refinancing and income-driven repayment plans.
Federal loan consolidation doesn’t have a credit requirement, and it offers the benefit of a single loan bill and potentially lower payments.
In many cases, they can help you achieve a lower monthly rate and a lower interest rate, potentially saving you thousands of dollars over the life of the loan.
Many college grads have student loan debt from multiple sources.
In order to combine both federal loans and private loans all into one payment, you’ll need to work with a private lender.