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The process is very similar to Federal loan consolidation, but it is done through a bank rather than the Department of Education.
The benefits of refinancing your private student loans are typically two-fold.
One of the biggest myths when it comes to student loans is whether you can consolidate your Federal and private student loans. Well, since 2014, you can actually refinance and consolidate both your Federal and private student loans into a single loan with many private lenders.
Think about it: you just graduated from college with about five different student loans. However, there are times when combining all of your loans (both Federal and private) makes sense, and there are times when it may not.
When you apply for a Direct Consolidation Loan, you don’t have to consolidate all of your eligible loans.
If consolidation would cause you to lose the benefits associated with some of your current loans and you are working toward earning those benefits, you should not include those loans in your new Direct Consolidation Loan.
You are eligible for any “Direct” repayment plan – and you can setup a timeline from 10 to 30 years to pay back the loan.This is one of the best ways to lower your current payment on your Federal student loans.If you want to combine your private student loans together into one payment, you have to refinance your student loans.Borrowers have different needs, so there are several repayment plans—including income-driven repayment plans, which base your monthly payment amount on your income and family size.You’ll select a repayment plan when you apply for a Direct Consolidation Loan. You apply for a Direct Consolidation Loan through Student After you submit your application electronically at Student or by mailing a paper application, the consolidation servicer you selected will complete the actions required to consolidate your eligible loans.
Direct PLUS Loans received by parents to help pay for a dependent student’s education cannot be consolidated together with federal student loans that the student received.