Loans that can be consolidated include direct subsidized and unsubsidized loans, subsidized and unsubsidized Stafford loans, direct PLUS loans, SLS loans, Federal Perkins loans and Health Education Assistance loans, among others.
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Student loan consolidation allows you to combine those individual loans into one loan, meaning one payment (or at least fewer payments), one interest rate, and possibly a longer repayment term.
Depending on the structure of your consolidation loan, you may be able to lower your monthly payments or save interest in the long run by paying your loan back sooner.
The decision whether you should consolidate your loans is complicated.
Consolidation does not always save you money or make the loan easier to repay.
You may be able to extend your repayment terms, pay a lower average interest rate, reduce your monthly payment amount, fix your interest rate or simply benefit from having a singular, simplified and streamlined monthly payment amount.
However, loan consolidation is not always the answer.
Many students graduate with more than one student loan, and some graduate with as many as a dozen or more.
If you currently have multiple student loans, you could benefit from a consolidation loan on your student debt.
It can also be a way to get into repayment plans you otherwise wouldn't be eligible for.
One of the myths of consolidation is that it makes your debt less expensive by lowering your interest rate.
In America, student debt is the second largest form of consumer debt.