Consolidating Federal and Private Loans?

[nskag]

I have a quick Question. I have two Student loans one William D Ford Federal (Federal) and a Key Alternative Loan (Private). Is it possible to consolidate these two loans? I need help, Key's interest is killing me!!!

[LynnInMN]

No, you cannot consolidate them.

[stimpy]

You can consolidate your federal and private loans, you just can't consolidate them into a single loan. If you have not yet had Federal consolidation for your Wm D Ford Direct loans, I would urge you to do so right away. The rates are currently at an all-time low.

 

As for your private loans, there are companies that will consolidate them for you. Please remember that a private consolidation is a credit based loan, and there will be fees such as origination fees and closing costs, but it's possible to get a more attractive rate.

 

Companies that offer both Federal and private consolidations may be able to offer you single billing for both loans. I would do a Google search and see what pops up.

 

Good Luck