Benefits of consolidating federal student loans
And while that's a great help to many, consolidation can come with many cons to balance out these pros. The length will depend on how much you consolidate (see below).
This decreases your monthly payments but likely increases how much you pay overall (as you pay significantly more in interest over the lifetime of the loan).
If you have private student loans, some lenders do offer products that allow you to consolidate them, potentially at a lower interest rate.
Note that if you consolidate federal loans with private loans, you will lose all the benefits of your federal loans (postponements, repayment plans, etc.)—not just the options listed above.
Some benefits, such as some Perkins loan forgiveness programs, are lost once you consolidate those loans.
If you're currently repaying your student loans, you may have identified some problems with the process.
(Besides the "parting with your money," that is.) If you're having trouble staying organized or are worried about missing one of your five loan payments, you have an option that may simplify things for you: consolidation.
This site links up with the National Student Loan Data System (NSLDS) to pull all of your student loans automatically into your Consolidation loan.
To keep a loan out of your Consolidation loan (like a Perkins loan), you have to remove it.