Legitimate lenders do not offer private student loan consolidation products to borrowers without acceptable credit history.
But if your credit is damaged and you still want to consolidate your private student loans, one possible solution is finding a creditworthy cosigner for the new loan.
Student loan refinancing and consolidation are great options for restructuring your debt in an effort to make your monthly payments more manageable.
By combining all your student loans into one, which is what happens in the consolidation process, you can make one monthly payment.
The consolidation loan pays off your existing loans and creates an entirely new single loan, so the goal is to receive more favorable terms when that happens.
And when many students can afford college by borrowing, colleges raise their prices to capture more of the available money.
Fortunately, the loan consolidation option can help students manage large loads of student debt more effectively and avoid negative consequences like credit damage and default.