Consolidating private lender student loans

Some debt relief companies and lenders offer to consolidate federal and private loans together into one new loan to lower your monthly payments or interest rate. Consolidating private and federal loans turns it into a private loan, which means you will lose the federal repayment benefits and protections of your federal loans, such as deferment and forbearance, income-based repayment plans, and loan forgiveness.

Before you consolidate your loans, find out what it could mean for your specific situation.

Consolidating your student loans means combining multiple loans into one loan.

For federal loans, call the Department of Education’s Loan Consolidation Information Call Center at 1-800-557-7392.

If some or all of your loans have variable interest rates, when you consolidate into a fixed loan may affect the interest rate of your loan.

Consolidating federal loans with the federal government is free.

If you have federal loans, the Department of Education has free programs that could help, including: These options are free.

You can learn more at the Department of Education’s Student Aid.gov/repay or by contacting your federal student loan servicer. With private student loans, you typically have fewer repayment options, especially when it comes to loan forgiveness or cancellation.

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