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The process is very similar to Federal loan consolidation, but it is done through a bank rather than the Department of Education.

The benefits of refinancing your private student loans are typically two-fold.

You can complete and submit the application online, or you can download and print a paper application from Student for submission by U. The consolidation servicer will be your point of contact for any questions you may have related to your consolidation application.

Unless the loans you want to consolidate are in a deferment, forbearance, or grace period, it’s important for you to continue making payments on those loans until your consolidation servicer tells you that they have been paid off by your new Direct Consolidation Loan.

Three of them are Federal student loans and two of them are private. Here is what you need to know about consolidating and refinancing your Federal and private student loans together.

If you want to combine your private student loans together into one payment, you have to refinance your student loans.

A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan. Similarly, if you have Federal Perkins Loans and you are employed in an occupation that would qualify you for Perkins Loan cancellation benefits, you should not include your Perkins Loans when you consolidate.

The result is a single monthly payment instead of multiple payments. Leaving out your Direct Loans or Perkins Loans will preserve the benefits on those loans.

You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The loans that were consolidated are paid off and no longer exist.

For example, if you have both Direct Loans and other types of federal student loans, and you have been making payments toward PSLF on your Direct Loans, you should not consolidate your Direct Loans along with your other loans.

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