Is there any possible way to combine federal and private student loans?
Asked by SKSI wish to God they told me in college that I wouldn't be able to consolidate them all down the road. I have federal through ACS at a total balance of 20K- fixed rate of 7.25% with monthly payments of $130 (But scheduled to go up again soon). I have private through AES at a total balance of 34K-variable rate of 9.97 (which seems really high) with monthly payments of $285 (Not scheduled to go up for another year now). I pay $400/mo in just student loans and with my car payments, credit cards, and rent- it's not cutting it. Everyone I've talked to said there's nothing you can do. Fannie Mae said they can consolidate them but only to make it once monthly payment of the total I'm paying now. How can I consolidate the two into one lower longer term payment? Or if I absolutely cannot- should I reconsolidate my 9.97% Variable rate loan? Note: I'm on that plan where they assume you'll have a good job over time and the payments gradually step up. But I still don't have that good a job!
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Answered by studentaidelending
Unfortunately you are unable to consolidate your Federal Student Loans with your Private Student Loans through the FFELP Consolidation Program. I would also advise against consolidating your Federal Student Loans with your Private Student Loans because you lose all your Federal Benefits on your Federal Student Loans if you do consolidate the two types of loans together. It does seem that you are very interested in Private Loan Consolidation however. Hope this helps you out! For more information on Federal vs. Private Student Loan Consolidation please visit the source below.
Unfortunately you are unable to consolidate your Federal Student Loans with your Private Student Loans through the FFELP Consolidation Program. I would also advise against consolidating your Federal Student Loans with your Private Student Loans because you lose all your Federal Benefits on your Federal Student Loans if you do consolidate the two types of loans together. It does seem that you are very interested in Private Loan Consolidation however. Hope this helps you out! For more information on Federal vs. Private Student Loan Consolidation please visit the source below.
