Before you choose to consolidate your loans, examine your situation carefully to determine if this is the best course of action.This isn’t a solution that works well for everyone (even if you do have several different loans to manage).Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. Refer to the complete list of federal student loans eligible for consolidation in the application.There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Top A Direct Consolidation Loan has a fixed interest rate for the life of the loan.You may be contacted by private companies that offer to help you apply for a Direct Consolidation Loan, for a fee. There’s no need to pay anyone for assistance in getting a Direct Consolidation Loan. The fixed rate is the weighted average of the interest rates on the loans being consolidated, rounded up to the nearest one-eighth of one percent. The loans that were consolidated are paid off and no longer exist.

If you feel overwhelmed with managing your student loan debt, don’t panic. One way to make student loans more manageable is through consolidation.

Most graduates leave school with a number of different student loans, racked up throughout their years in college.

Each of these loans likely comes with different terms, payments, servicers, and statements.

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