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Switching to a new lending institution might eliminate any benefits you’ve earned, like lower interest rates for on-time payments over the years.

Plus, consolidating could make it impossible for you to have a Perkins Loan forgiven or reduced.

In those cases, you may be able to have another go at it.

The following types of loans are eligible for consolidation: Yes, a married couple can jointly consolidate their loans, but it may not be a good idea.

For any college grads overwhelmed by multiple student loans, this can be extremely helpful.

The difference between student loan consolidation and refinancing is a subtle distinction but no less important.

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What’s more, some benefits of a federal consolidation loan, such as interest subsidies on deferred loans, are not available on private loans.

If you can handle your monthly loan payment as is, carefully investigate how consolidating will change the total amount you’re expected to repay.

You can get a consolidation loan from any private lending institution with government approval, or from the Department of Education itself. Some offer favorable terms like interest-rate reduction for making on-time payments or choosing automatic withdrawal; others may offer repayment plans that better suit your financial situation.

You may also have access to a new repayment schedule (like an income-contingent plan) that’s a little easier on your wallet.

If you don’t care about the extra cash and just want a consolidation for the simplicity of a single monthly payment, you can use any money you save to pay down the principal.

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