Federal Consolidation Loans allow a single borrower to combine all their eligible loans together so that you have only one payment to worry about.

 

Almost any Federal loans can be combined (or consolidated) including Perkins, Stafford, and PLUS loans. There is no fee to do this, and your new payment should be about the same as the total of all your previous payments. The exception to this is that if you change the time period over which you are paying back your loans, you will have to pay additional interest over the long-term. Learn more about how loan consolidation affects what you pay.

 

You can apply for loan consolidation directly through any lender. Shop around to see which lender is right for you.