Reconsolidating a student loan

You can only consolidate federal, not private, student loans through this program.

(Note: You cannot consolidate federal and private student loans together through the federal government, either.) You can consolidate an existing Direct Consolidation Loan so long as you have a new eligible loan with which it can be consolidated.

Student loan consolidation is the act of putting various (or even one) loan into a new package.

You're effectively replacing your existing loans with one new loan, and you can choose from options that offer you access to different loan terms and fixed, variable, and hybrid interest rates.

With many private lenders, you can consolidate both private student loans and federal student loans separately or together.

(For example, if you consolidate Stafford Loans at the 6.8% rate issued from 2006 to 2013, the rounding will bring the rate up to 6.875%.) provides a great rundown on the personal considerations you'll need to make in this article.

If you look to private lenders to consolidate, you'll get the benefits of making just one monthly payment as well as greater choice in determining what type of loan is the best fit for you.

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