Is consolidating loans a good idea
These circumstances are: Borrowers cannot consolidate private student loans with the federal consolidation loan programs.
However, if you have private loans, you may want to think about consolidating these loans into a new private consolidation loan.
Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.
Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.
Consolidation loan borrowers should not be charged origination fees.
However, the interest rate may be greater than 8.25% if your consolidation application was received on or after July 1, 2013.
WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.