Department of education consolidating private loans
To explore your options, contact your loan servicer directly.
If you don’t know who your private student loan servicer is, look at a recent billing statement.
You should make sure that it makes sense to consolidate your loans.
Consolidating a low-interest Perkins loan may not be in your favor.
But depending on your situation and what kind of loans you have, you might be eligible for a different repayment plan or to get your loans forgiven.
And ,when it comes to qualifying for these programs, there’s nothing a private company can do for you that you can’t do yourself for free.
There might be a cost when you consolidate but avoid companies that tell you to pay upfront.
Make sure you understand all the conditions of your consolidated loan before you agree to consolidate.
Before you consolidate your loans, find out what it could mean for your specific situation.There are several types of aid available to help you pay for your education beyond high school, including grants and scholarships, federal work-study jobs and student loans. A good way to apply for a grant is through your FAFSA form.The first step is to complete the Free Application for Federal Student Aid (FAFSA) form at They should be your first choice to finance your education. You also can check out these other sources to find grant and scholarship opportunities: Federal work-study jobs are another way to help pay for college.If you have federal loans, the Department of Education has free programs that could help, including: These options are free.You can learn more at the Department of Education’s Student Aid.gov/repay or by contacting your federal student loan servicer. With private student loans, you typically have fewer repayment options, especially when it comes to loan forgiveness or cancellation.