Federal student loan consolidation is fast, easy, free and highly recommended to lower your monthly payment. Private student loan consolidation is a bit trickier. Here are some notes to remember if you choose to go down this road.
For starters, not everyone who applies for private loan consolidation will be accepted. One only a few lenders, such as Wells Fargo and Chase, will even handle a private loan consolidation.
The aforementioned lenders and almost any bank that will consolidate your private loans will likely require a minimum amount to be consolidated.
If you can get a private student loan consolidation it may lower your monthly payments significantly, but the lifetime interest of the loan will greatly increase. It is highly recommended that once your grace period expires and you begin the process of repayment, that you aim to pay down your private loans as quickly as possible to avoid the spike in interest.
Have questions about private loan consolidation? Visit the Consolidation section of our Financial Aid Forums!
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