Consolidating private student
It can cut the cost of the loan if the borrower qualifies for a lower interest rate.
One of the biggest myths when it comes to student loans is whether you can combine your Federal and private student loans. Well, since the middle of 2014, you can actually refinance and consolidate both your Federal and private student loans into a single loan with many private lenders.
But that doesn't mean you can’t successfully repay your private loans. Private loans are generally offered by schools, states, or financial institutions, including: While credit card companies sometimes offer student loans, these loans are not the same thing as a credit card.
You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.