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Know that you might need a higher credit score if you want the best rates without a co-signer.

Federal consolidation loans come with borrower protections private lenders may not offer.

Regardless of how the market fluctuates, borrowers will never pay more than 8.25 percent on their consolidation loans.

Private loans can typically only be consolidated with other private loans.

“The interest rate on (federal) consolidation loans is an average of the interest rates on the (federal) loans you’re consolidating,” says Ken O’Connor, director of student advocacy for Fynanz, a New York City firm providing technology for the private student loan market.Private lenders require borrowers to pass a credit check to get the best rates.That means if your score isn’t superhigh, you could wind up paying more if you consolidate.And once consolidated, they usually have variable interest rates, O’Connor says. Consolidating private student loans when interest rates are low (like now) “could potentially save thousands of dollars.” It also means your interest rate can fluctuate higher as the years tick by.Unlike federal loans, it can be trickier to get your private loans consolidated.

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