Private Student Loan Consolidation

Private or Federal student loans cannot be consolidated in order to pay them off. Moreover, unless you or your friend pays them off, it will remain in your credit report. Thus, neither you nor your friend will be able to find a debt consolidation company in order to get the student loans consolidated. However, if your friend or you wish, then you can take take out a debt consolidation loan and pay off the student loan. However, in my opinion, it will be a better if your friend can contact the lender from whom she has taken out the loan and try to get a repayment plan to pay it off.

Well... Soaplady (one of the Forum Moderators) is an expert in giving advice regarding student loans. Hope she chimes in to give her advice.

Yes private and federal loans can be consolidated...under their own seperate programs. However there is currently on one company consolidating privates and that is Wells Fargo. It is next to impossible to qualify without a cosignor especially if there are any late pays.

I would be very concerned if your friend claims these loans have been in deferment. Private loans offer very limited (maybe 6 months) of deferment. Have you checked your credit lately? These loans default in about 6 months and once defaulted, there is no going back. Private loans do actively sue all parties.