The interest rate must not exceed 8.25% for consolidation loans prior to July 2013.
However, the interest rate may be greater than 8.25% if your consolidation application was received on or after July 1, 2013.
This may be a good idea if you want a single monthly payment.
You may also be able to get a better deal if, for example, your credit score is better now than it was when you first took out the private loans.
These include deferment, forbearance, cancellation, and affordable repayment rights.
Also, federal consolidation loans generally have lower interest rates.
Both spouses are jointly liable for the loan and both must request IBR.
Problems often arise if the ex-spouses are no longer in contact.Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.These circumstances are: Borrowers cannot consolidate private student loans with the federal consolidation loan programs.However, if you have private loans, you may want to think about consolidating these loans into a new private consolidation loan.As you weigh the pros and cons, keep in mind that timing is critical.