Consolidating private loans federal loans
To qualify, you must have a strong credit profile and employment history, and proof of income.
If you qualify, refinancing offers you a variety of options.
You can choose which loans you want to include in a refinance—it can be one, some or all.
For example, you can refinance your private student loans, and separately consolidate your federal student loans with a Direct Consolidation Loan to retain or get the benefits of the federal program.
With a Direct Consolidation Loan, you may extend your repayment term, which will lower your monthly payments, but not your interest rate*.They both combine your loans into one loan, however, there are some key differences.The federal program: Direct Consolidation Loan Private student loan refinance options Why should I refinance my private student loans?NOTE: The federal government does not have a student loan refinancing program.If you refinance your Direct Student Loans or Direct PLUS Loans with a private loan, you will lose the deferment, forbearance, forgiveness, cancellation benefits, and income-driven repayment benefits offered through the Direct Loan Program.