Consolidating your student loan(s) is one of the smartest things that you can do. You should consider a student consolidation loan if you have several federal student loans or even just one large one.

Student consolidation loans will have fixed interest rates which are similar to those of the loans that are being consolidated. The amount that you can save through consolidation can be up to 58%.

Federal Stafford loans, Federal Direct Loans, Federal Perkins Loans as well as many others can be consolidated. Most of the time, they already have low rates.

Advantages

- You will have a single loan payment which is often lower than what you currently pay. - It is easy to set up. - It will help lower your debt burden. - You can secure the lowest interest rate at the time. - It can help you qualify for new or renewed deferments.

What To Consider

When you consolidate, make sure that the interest rate that you are offered is lower than your current rate.