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Stipulations and rules for private loan consolidation vary by the financial institution you’re working with.

Unlike federal loan consolidation, a private loan may carry a variable interest rate, which means it — and therefore your monthly payment — can change over time.

While you can’t combine your private student loans with federal loans into the Direct Consolidation Federal Loan, you may find that a private loan consolidation will accept your federal loans.

Simply put, this is the process of combining your multiple student loans into a single, bigger loan, possibly with a new lender.If you consolidate your federal and private loans with a private loan provider, you may lose your chance to enroll in income-based repayment options or to apply for a deferment if you become unemployed, experience an economic hardship, or experience other circumstances.You may also lose your ability to explore loan forgiveness options, where all or a portion of your loan debt can be erased in exchange for joining the military, working in certain fields, volunteering, or moving to a specific location.Hopefully, you tried to take advantage of financial aid in college — specifically, federal student loans — before turning to private loans, which often carry a higher interest rate and come with fewer borrower benefits.If you did, you may want to learn how to specifically consolidate these federal loans.

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