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