Department education consolidating private loans
Certain private lenders (not all) offer forbearance plans, repayment assistance, and other forms of relief.
The lender will evaluate how risky it would be to offer you a loan, and then set the rate accordingly.
While a large number of lenders look at credit scores as the determining factor when assigning an interest rate, some lenders will also consider additional things.
For example, the lender may review your career experience, education, monthly debt-to-income ratios, and history of meeting financial obligations when determining the rate.
In addition, because the government is not involved with private student loans, the rates and other terms are not regulated in the same way that federal student loans are regulated.
For these reasons, private student loans can be more expensive than federal student loans.