Yes, you can consolidate private student loans. Learn about the benefits and the process for private student loan consolidation. Like federal loans, private student loans cannot be discharged in bankruptcy. However, if you have excellent credit, you may qualify for rates as low as 3. However, thanks to a plentiful money supply the past few years, several banks and credit unions are now offering chances to consolidate private student loans.
Student loan consolidation is a process through which you take out a new loan, which is then used to pay off your other existing student loans. Instead of having multiple loans and loan payments, you have only one. You can consolidate all federal student loans and most private student loans. The amount of money you are eligible to borrow depends on your college costs for a particular year. If you graduate in four years, you will likely have four loans—even more, if you also took a private loan for additional funds.
Student Loans: What Is Consolidation Vs. Student Loan Refinancing?
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If you borrowed money to pay for school, your first question might be how best to pay off your student loans. The short answer is that there's no magic bullet, but there are definitely things you can do to make paying back education debt easier. Student loan debt reached an all-time high of 1.