Is it possible to consolidate private student loans?
The answer is yes, sometimes. Private student loans are eligible for consolidation, but there are many factors to keep in mind. So first, consider all of your options. After college, many former students quickly find out that the monthly payments related to their student loans are higher than they can comfortably afford. When this is the case, you have many options. In some cases, student loan payments can be temporarily stopped with a deferment or forbearance. Also, federal student loans come with a host of repayment options, including an option to make smaller payments for a period of time. If of these options sound right for you, contact the company that is servicing your student loans (i.e., the company that sends your monthly bill). Another very popular option is student loan consolidation. Consolidation allows you to combine your student loans into one new loan with lower monthly payments. The monthly payments are lower because the length of repayment is longer. Instead of having
