11.19.09 | Why Can I Not Consolidate Federal with Private Student Loans?
In short, consumer banking regulations governing each specific loan type are different making consolidating federal and private student loans a non option.
Federal loans, which include the Stafford and Perkins, are contingent on the successful completion of the FAFSA. Private student loans are based on credit. The benefits each hold are vastly different. That said, there have been rumbles of allowing private student loans for law students to be converted to federal loans so that law students carrying a great deal of student loan debt may benefit from the richer federal benefits, read Debt Relief for Law School Grads. But for now that’s not the case. If you have private and federal student loans expect to have two separate consolidations.
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