The last section is dedicated to identifying the best private consolidation loans for those with a few different financial profiles.There are two types of consolidation loans: federal and private, and they each come with distinct advantages and drawbacks.The following table illustrates how a weighted average works.
However, private loans can’t be included in a federal consolidation loan.
To be eligible, borrowers must have a clean credit history and a “good” FICO credit score (“good” is 670 and above according to FICO).
Borrowers with a poor credit history may still be able to qualify if they can secure a cosigner with good credit.
A federal student loan consolidation calculator provided by US Bank was used to calculate the weighted average.
Borrowers who are out of college or are attending classes less than half-time can consolidate their federal student loans.