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Through private loan consolidation, you can combine your private loans so you only make a single monthly payment. You generally can't consolidate your private loans with any federal loans. You’ll need to pass a credit check.


  • 1 monthly payment
  • Extended repayment period
  • Possible lower monthly payments (depending on credit score)
  • No prepayment penalties


  • Possible higher interest rate (depending on credit score)
  • Loan is not forgiven upon borrower’s death
  • No hardship or forbearance options
  • Processing fees
  • Loan origination fees

More Information

For more information about private loan consolidation, visit FinAid.org.