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Private lenders may be able to consolidate both private and federal loans, but you cannot roll private and federal loans into one new federal Direct Consolidation Loan.
And just because you can use private student loan consolidation to include your federal loans doesn’t mean it’s a good idea.
Learn more about Direct Consolidation Loans on the Federal Student Aid site Apply now at Student Private student loans are NOT eligible for consolidation into a Direct Consolidation Loan.
You do this by taking out a new loan for the amount of the balances of the existing loans, use the newly borrowed money to repay all the older loans, and then focus on repaying your one new loan.
You also cannot consolidate a defaulted loan until you make a repayment agreement with the loan’s servicer or unless you repay the new consolidated loan with one of the government’s eligible repayment plans.
Access to those repayment plans is one of the benefits of Direct Consolidation Loans for some borrowers.
Consolidation doesn’t always result in a lower interest rate, plus lower monthly payments usually means paying the loan over a longer period of time and spending more on interest.
You also need to know that the process is different for federal student loans and private loans, especially if you’re trying to manage each.
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Although the Perkins Loan program came to an end in September, 2017, old Perkins Loans are still eligible for consolidation, as well.