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allows you to consolidate (combine) multiple federal education loans into one loan. However, if you increase the length of your repayment period, you'll also make more payments and pay more in interest.

The result is a single monthly payment instead of multiple payments. Be sure to compare your current monthly payments to what monthly payments would be if you consolidated your loans.

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Carefully consider whether loan consolidation is the best option for you.

If you are contacted by someone offering to consolidate your loans for a fee, you are not dealing with one of the U. Department of Education’s (ED's) consolidation servicers. To apply for a Direct Consolidation Loan, you must follow the process outlined below.

There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan.

You also should consider the impact of losing any borrower benefits offered with the original loans.

Borrower benefits from your original loan, which may include interest rate discounts, benefits, can significantly reduce the cost of repaying your loans. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you can consider reevaluating your and income situation.

Last modified 25-May-2016 19:00