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Private loan consolidation means combining your outstanding private education loans into one loan, including private loans used to cover educational expenses such as tuition, housing and/or other educational expenses.

This is in addition to already consolidated private educational loans.

There are different repayment plans for each person and the chance to apply for forbearance or deferment if necessary.

The first payment will be due after the loan has been disbursed, usually within 60 days. If you have trouble meeting your monthly payments, have exhausted your deferment and forbearance options, and/or want to avoid default, a Direct Consolidation Loan may help you. If you send payments to more than one lender every month and want the convenience of a single monthly payment, consolidation may be right for you.

It is possible for students to consolidate all their loans into one loan with one monthly payment and one interest rate.

This can be very helpful for people who want one bill a month.

■ Receive your new repayment information in the mail.

This is possible even if your private educational loans are held by more than one lender or are of different types.

This equal payment option allows equal monthly payments over the life of the loan ◦Select 2/Graduated Payments: Allows for interest-only payments for the first two year of repayment.

Beginning the third year, payments increase to level installments of principal and interest payments for the remaining life of the loan.

With a Direct Consolidation Loan, you will have a single lender - the U. Department of Education - and a single monthly payment. If you have variable interest rates on your Federal education loans, you may want to consolidate.

The interest rate for a Direct Consolidation Loan is fixed for the life of the Direct Consolidation Loan.

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