Consolidating federal and private student loans together


20-Jun-2017 12:50

Once you are in default, the collection process for private student loans is different than for federal loans.

There is a time limit on private student loan collections and private student loan holders have fewer collection tools than the government has to collect federal student loans.

The last section is dedicated to identifying the best private consolidation loans for those with a few different financial profiles.

There are two types of consolidation loans: federal and private, and they each come with distinct advantages and drawbacks.

consolidating federal and private student loans together-5

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That’s why we created this guide – to give borrowers a useful resource that empowers them to choose if student loan consolidation is right for them and which type may best suit their needs.The reason a student must determine how they financed their education is because a federal student loan and a private student loan cannot be consolidated together, but must consolidate separately.If a student has received a number of private loans to help finance their education, said student can (subject to credit approval) consolidate their private loans, as long as the collective amount of the loans they are looking to consolidate have a value between ,500 and 0,000.There may be additional default triggers in your loan agreement.