You should carefully consider whether loan consolidation is the best option for you. Consolidation can greatly simplify loan repayment by centralizing your loans to one bill and can lower monthly payments by giving you up to 30 years to repay your loans. You might also have access to alternative repayment plans you would not have had before, and may be able to switch variable interest rate loans to a fixed interest rate.
However, consolidation can increase the length of your repayment period, and you'll pay more in interest.
You also should consider the impact of losing any borrower benefits offered with the original loans. Borrower benefits from your original loan may include interest rate discounts principle rebates, or other benefits, which can significantly reduce the cost of repayment.
To lower your monthly payment amount without loan consolidation, consider reevaluating your budget and income situation. Learn more >
There also may be deferment or forbearance options available for short-term payment relief needs.
Once your loans are combined into a Direct Consolidation Loan, they cannot be removed. Such loans that were consolidated are paid off and no longer exist.