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Student borrowers may consolidate, or refinance, their federal student loans, including Direct, Stafford, and Perkins loans, into a federal consolidation loan. There are two main reasons borrowers decide to consolidate their federal loans: a fixed interest rate and lower monthly payments.

Other reasons include the convenience of having just one loan with one monthly payment and preventing one from defaulting on one's loans.

Federal consolidation won’t lower your interest rate as it’s fixed. You consolidate your private student loan with the help of the private lender.

In this case, it’s possible to lower interest rate and get more beneficial terms. You should go to and log in with your Federal Student Aid ID.

The consolidation loan is a new loan, so the borrower needs to complete an application and a promissory note.

If you need to consolidate a federal student loan, you do it through the Department of Education.

Once you’ve graduated and things start to settle down from the after- graduation excitement, the student loan letters start to trickle in. So how can you keep your head on straight when there are various due dates, interest rates, and lenders? Student loan consolidation gives you the option to combine all of your loans into one new loan.

Even our CEO had 16 different student loans serviced by four different providers when he graduated. In this post, you’ll learn more about student loan consolidation, how to consolidate student loans, and if it is right for you.

If you want to consolidate private student loans, you should apply for reputable reviews of the services that deal with it and choose the most suitable one. There is no exact answer without knowing your purpose.

If you want to lower your interest rate, federal loan consolidation might not be the best solution.

Most of the current deferment and forbearance provisions of Direct student loans are retained after being consolidated.

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