Does anyone know how to consolidate student loans from private lenders and the federal government together?

Question

I have a loan from a private bank and a federal stafford loan. can I combine these somehow to save money and make only one monthly payment?

Answer 1

Unfortunately, no, you cannot consolidate private and federal student loans.

Unfortunately, student loan interest rates go WAY up on 6/30/06 thanks to Dubya! It is imperative that you consolidate before then. You can refinance just one loan..doesn't have to be multiple.

Myself, I am a grad and need to consolidate my loans before the deadline! So I went on a google hunt (I mean search ;). Eventually, I did find a site that has rated a few student loan consolidators, and says they have checked them out. Here's the web page: http://lendersrated.com/studentloans.htm...

Hope it helps you...
karateross

Answer 2

you could consolidate them one after the different, even if they are going to be with diverse lenders (which skill you'd be making 2 separate funds). branch of education is the truly lender providing federal mortgage consolidation and the pastime fee you receives will be a weighted average of all of your federal student loans rounded as a lot because the nearest a million/eighth of a p.c.. lenders DO provide inner most student mortgage consolidations, and its no longer that confusing to discover. Wells Fargo has a private consolidation student mortgage, and also you would possibly want to consolidate your federal and private loans jointly, even if, that is surely no longer advised. once you consolidate them jointly, you lose any federal student mortgage reward because the federal mortgage will develop right into a private student mortgage. The pastime fee on a private consolidation mortgage is in accordance along with your credit and no matter if you pick a cosigner is in accordance along with your credit and your income and debt-to-income ratio. Consolidation is a staggering thoughts for individuals that purely can't have adequate money their finished month-to-month funds yet nevertheless pick to pay on the non-public loan. putting the non-public loan in deferment/forbearance purely postpones the inevitable and the non-public loan purely accumulates even more advantageous pastime in case you aren't any further paying on it. Consolidation extends the life of your human being loan and provide you with a series pastime fee which in turn lowers your month-to-month fee. If paying the non-public loan for 25 years seems loopy to you, you could always pay more advantageous than the minimum fee and there aren't any pre-fee consequences. With federal consolidation, you nevertheless have the alternative of deferment/forbearance and the IBR software.

Answer 3

i don't think you can if one is sallie mae and one is private... unless you consolidate it all private... luckily i had all sallie mae and it worked but i have a friend who has both and even though a private lender said they could do it it got all sorts of messed up... so make sure they know what they are talking about before you go through with it....

Answer 4

contact direct loans, they are online, it helps alot

Answer 5

Have a look here.