Q: What are the pros and cons of consolidating private student loans? Would I be able to lock in a lower fixed interest rate?

N.S. Brooklyn, N.Y.

A: Unlike federal student loans -- which are loans guaranteed by the federal government -- private loans aren't eligible for the federal loan-consolidation program, which offer lower fixed rates. Although you can consolidate private loans, rates are generally higher and variable, often tied to benchmarks such as the prime rate or the three-month Libor.

Still, there may be some benefits, such as a single, potentially lower, monthly payment. Borrowers may also qualify for a lower interest rate by consolidating private loans if their credit score has improved by at least 50 points or more from the time they first took out the loans, says Mark Kantrowitz, publisher of FinAid.org, which maintains a list of lenders offering private consolidation loans. But by consolidating private loans, borrowers may end up paying additional fees and more interest over the life of the new loan.