Consolidating private student loans is a great way of saving yourself significant amounts of money whilst actually making your life that little bit easier. Private loan consolidation aims to bring your multiple student loans into one larger loan for which the interest payments are much cheaper. Generally private loans cannot be consolidated with federal student loans, but there are options available to students that include home equity loans - which generally have similar interest rates to private education loans but at a fixed rate; or education lenders who can consolidate private education loans through consolidation programs