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Federal loan consolidation is a helpful tool for converting an unmanageable payment into a manageable payment by combining multiple semester loans into one loan and extending your repayment schedule.
In this section, you will learn how consolidation works, how to apply for federal loan consolidation, which loans can be consolidated, where to consolidate and how to best manage your loan once it is consolidated.
It is quite common for people with student loans to deal with 10-12 lending institutions, which means 10-12 payments and 10-12 due dates each month.
When you consolidate student loans – either federal or private – it’s one payment to one lender, once-a-month. Loan consolidation for student loans was created to make it easier for millions of borrowers to pay off their debt.
The loans will be extended for a period of up to 30 years, depending on your loan balance.
Your payments are reduced to reflect this lower payment.
Find out more about the choices debt consolidation offers.Discounts reduce the amount of interest you pay over the life of the loan.The automatic payment discount may not change your monthly payment amount depending on the type of loan you receive, but may reduce the number of payments or reduce the amount of your final payment.The last section is dedicated to identifying the best private consolidation loans for those with a few different financial profiles.There are two types of consolidation loans: federal and private, and they each come with distinct advantages and drawbacks.