1. Consolidate Federal Loans With a New Federal Loan - You can't obtain a federal consolidation loan to consolidate a bank, credit union, private student loan or any other type of college loan that was made by a private institution. Federal loans include Stafford loans, Perkins and PLUS loans.

2. It's usually not smart to consolidate a Federal Perkins Loan - Perkins loans have a fixed interest rate of 5%, which is already very good. The interest is subsidized during deferment periods - which will be lost with consolidation. There are other benefits that can be lost with college loan consolidation program as well.

3. Will You End Up Paying More Interest Over Time? - Even if your interest rate will be lower, the loan term might be longer, which would mean more interest paid over time.

1. Lower your payments by $100-500 dollars per month.
2. Simplify your payment plan by only paying once per month.
3. Get a fixed interest rate.

Most of the main financial aid options offered through colleges and universities are government or federal loan programs. These are the type that can easily be consolidated with another federal loan. It's the private loans that need to be consolidated through another private loan company or lender.

Student Loan Debt Consolidation FAQ's:
Commonly asked FAQ's about consolidating school loans.

Do I Need To Be Finished With School To Consolidate My School Loans?
Usually, you need to be at least within 6 months of finishing school before you refinance your student loan debt.

Should I Consolidate With a Private or Federal/Government Loan?
Typically, you want to consolidate federal education loans into a new federal loan (to get the lowest possible interest rate) and consolidate or refinance private loans into a new private loan. Federal loans are Stafford, Perkins and PLUS loans. Private loans cannot be consolidated into a new federal loan.

Is My Credit a Factor in Getting Approved
For federal or government loans, your credit is not a factor. But, for private educational loans, most are based on credit approval.

We recommended 2 companies to apply with for federal student loan consolidation or for a private loan for school & other educational expenses. These companies both offer low interest rates.

How Much Student Loan Debt Do I Need to Have To Qualify For a Consolidation Loan?
Usually, most companies require anywhere from $7500-$15000 in debt and at least 2 loans, before they will refinance or consolidate your student debt.

Consolidating student loans can save you 100's monthly. The consolidators we recommend can provide a variety or consolidate programs and services. Applying online with these companies is quick. If you have finished, or are close to finishing an undergraduate degree, consider consolidating your school loan debt into one low payment to save money every month.

Applying online can save time and money. The companies we recommend offer some of the lowest rates available to consolidate college loans. The companies we recommend also offer a variety of consolidation services and programs.

When consolidating federal student loans like Stafford loans, Perkins or Plus loans, typically you can get a much lower interest rate if you consolidate with a new federal loan as opposed to a private consolidation loan which typically has slightly higher interest rates and less favorable terms.

If you have private educational loans, those will have to be consolidated into a new private loan. Sometimes quite a bit of money can be saved every month if all of the private loan payments are consolidated into a loan with a lower interest rate. Try using our recommended private college loan consolidator listed above for the lowest rates.