It is not possible to switch your student loans from private to federal. Federal student loans cannot be provided to pay off private student loans and you cannot consolidate private and federal loans because they are governed by different regulations.

Moreover, federal loans have lower interest rates, are based on need, and some of them can be forgiven for certain circumstances and professions. You may also be able to postpone the payments if you return to school. The interest rates of private student loans are based on credit score and are just like any other loan that has to be paid back.

If you want to reduce your interest rates, consolidation may be the answer but you can only consolidate federal loans together and get another consolidation for the private loans. And because credit score has a strong influence on the interest rate, you can take advantage of your improved credit rating after graduation to lower your interest costs. 

Like other kinds of debt, student loans can affect you credit and your decisions for your future. It has been observed that students who took out more than $5,000 in student loans in college usually do not go on to get a higher education. Your credit score may also be negatively affected if your total student loan debt is more than eight percent of your income.

It is advisable to focus on decreasing the principal of your private loans because they have higher interest rates. This will bring down your monthly payment and lower the total student loan payments to eight percent or less of your monthly income.

Moe Bedard
My name is Maurice "Moe" Bedard. I am the founder of America's #1 Mortgage Forum, My online work has been featured in the New York Times, LA Times, Fox Business, and many other media publications.