Gaining a college education seems to pose as a big pain to many students because of the huge expenses involved. Whichever type of college or university a student chooses, the necessity to take a private college loan remains the same. Once a student opts for private college loans, they are very happy and easily complete their college education. However, the matter does not end there.Why should you consolidate your private college loans?Once they finish their education, the repayment of the private college loan looms over their head. Most of the freshers don’t easily land up on jobs and even those who find jobs are trying hard to make the two ends meet. The additional burden of repaying the private college loan becomes unbearable to them. This is the reason why consolidating the private college loans seems to be a good option for them.Who are eligible to consolidate their private college loan?Only when the following conditions are satisfied, a person has the eligibility to consolidate their private college loan:1) The person should have a certain amount of credit worthiness.2) The loans should fall in the repayment period or the grace period.3) Default loans cannot be consolidated but deferred loans can be consolidated.4) Mostly, only US citizens and permanent US residents can ask for consolidation.Can you borrow on your private college loan?It is possible to borrow on a private college loan but the terms and conditions of this process are dependent on your lender and your credit worthiness with him.- If you have a good credit history and your lender trusts you, then borrowing up to the outstanding amount of your loan or even more should be no problem to you.- The interest charged is normally very low but this again depends on your credit history. Also, some amount of processing fees may be additionally charged from you.- Based on the total sum of your borrowing and your monthly repayment schedule, the term of your loan is decided. This may range anywhere between 5 to 30 years.Can you defer your college loan?If you decide to pursue higher education and restart your loan, then you can defer your loan. However, this will be done only if you pursue your education at least halftime. Also, you will have to prove this to your lender. In order to prevent any future hassles, check out whether these conditions are incorporated into the agreement at the time of signing the contract itself.A carefully planned and adequately prepared college loan agreement can prove to be a multiple blessing. So, decide on the amount you require, choose the best lender, prepare a careful agreement and enjoy your college education.