Types of Loans that can be Consolidated Most Federal student loans can be consolidated. Generally all repayment plans are available to borrowers . Same the Direct Consolidation Loans, a borrower must consolidate at least one Direct Loan. Consolidation Loan, or if the borrower is unable to obtain one with income-sensitive repayment terms that are acceptable, and the borrower is eligible for the Direct Loan Income Contingent Repayment Plan the borrower is eligible to apply for a Direct Consolidation Loan. Bank Loans Private, credit based bank loans that do not go into repayment until a student graduates are available through several lenders.
Interest adjusts quarterly and there is no cap on the interest rate .
If you plan to apply for this loan type you MUST order a copy of your credit report immediately. Mistakes are frequently made by credit bureaus and can take months to correct. In the meantime, you will be without that money. Considerable time and effort should be invested in shopping for the private lender that offers you the best terms. Please check the companies' web sites for interest rate, guarantee fees, repayment options, loan fees etc.