How do I consolidate student loans?

Concerns & risks

You were trying to simplify your student loans, and you're thinking about consolidating them.

Many loans are hard to manage.

Causes & evidence

A Direct Consolidation Loan combines federal loans; it can affect interest and benefits. See student loan repayment.

What to do

1. Review pros and cons on StudentAid.gov.
2. Apply free on StudentAid.gov.
3. Check effect on forgiveness progress.

Common mistakes: Common mistakes: consolidating without checking the effects. Direct Consolidation combines federal loans into one. It may change interest rates and forgiveness progress. Consolidating private loans into federal isn't possible. Don't consolidate federal into private without understanding what protections you lose. Consolidation might lower your monthly payment by stretching the timeline, but you might pay more interest overall. The new rate is a weighted average of your old ones, rounded up. Consolidation can help some borrowers qualify for certain repayment plans or PSLF, but in some cases it can affect progress. Apply for free at StudentAid.gov.

Speed Man tip: It's free; avoid paid companies.

Wrap-up: Combine. Free. Check effects.