Consolidating private education loans can help you simplify and lower your monthly payments.
You should always consolidate your federal loans first, then separately consolidate private student loan debt.
This includes federal and private student loans as well as credit card debt and money borrowed from family members.
Federal student loans are generally the most attractive loan options due to their low and fixed interest rates and flexible repayment plans.
However, once you move federal loans out of Department of Education programs (and into a private program), you’ll give up the benefits that come with federal student loans — your loans will become those benefits, but you should at least know what’s at stake.
When you borrow from private lenders (including when you refinance), you need to qualify for the loan based on your credit and income. Lenders want to see that you've successfully borrowed money and repaid other lenders.