It is not usually possible to combine private and federal student loans but you may be able to consolidate all federal loans and this may be relatively easy. You may also be able to consolidate some of your private student loans but not all private lenders would consent to a consolidation. Consolidating private loans may be much harder although it could still be done.

The main advantage of consolidating your student loans is the simplification of your payments. However, you may actually be paying more in terms of interest because the loan term is usually extended. Nevertheless, you may be able to get some discounts to counter this effect.

To combine your federal student loans, such as PLUS, Perkins and Federal Stafford, you will have to gather all of your loan documents. The next step is to contact the main lenders and inquire whether it is possible to get rate reductions after a certain number of prompt payments or automatic payments.

You will then have to examine the terms offered by other loan consolidation providers. After you have selected the best lender for your situation, you then sign the proper documents and this will result in the payment of all of your federal student loans. You now have only one federal student loan and you will have to get listed for automatic payments as soon as possible.

For private student loans, you will also have to collect all of your loan documents and then look at the interest rate and minimum loan balance requirements of private consolidation lenders through the Internet. After doing your research, choose the most promising lenders and inquire about their services for student loan consolidation. If you are qualified, inquire about possible discounts if you apply for automatic payments. There are fewer private lenders offering this discount because of amendments to the funding laws.

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