Consolidating private student loans through government Face time free chat naked
Read on to learn how to apply for federal student loan consolidation or student loan refinancing and how to decide whether one is right for you.
[Skip to refinancing] Only federal student loans are eligible for this type of consolidation.
The government combines your loans into one direct consolidation loan and assigns you a 10- to 30-year repayment term based on your total balance.
You can apply for a direct consolidation loan online at
When you do, a lender pays off your existing loans and issues you a new private loan at a new interest rate.
You can use a co-signer to qualify or get a lower rate, but that person will be responsible for the loan if you can’t repay it.
Steer clear of any company that charges a fee to consolidate them for you. You can refinance private loans, federal loans or both types together.Benefits: Consolidating some types of loans, like those from the Federal Family Education Loan Program, makes them eligible for certain benefits.These can include income-driven repayment, which ties your loan payments to your earnings and forgives your federal loan balance after 20 or 25 years, and Public Service Loan Forgiveness.Log in with your Federal Student Aid ID and click on “Complete a Consolidation Loan Application and Promissory Note.” Make sure you’ve decided on a student loan repayment plan and a student loan servicer; you can choose each on the application.If you’d like extra guidance before applying, our step-by-step guide will walk you through the process.
You’ll also lose forgiveness benefits specific to Perkins loans if you consolidate them.