Private Student Loan Consolidation Advice for Beginners

Before you go about getting private student loan consolidation advice, check your student loan first – do you have a student loan from private lenders, or did you get a federal student loan instead? This may seem like splitting hairs but actually is very relevant because you cannot consolidate private loans with federal loans. This is simply because a private student loan is issued by a private company and is not the same as a federal student loan which is issued by the US government. Another difference between private student loans and federal student loans is that federal student loans are low-interest loans whereas private student loans may carry a higher interest rate comparatively.