Student Loan Consolidation

A consolidation loan is a practical, student debt management tool that enables you to bundle all of the federal loans you received to finance your college education into a single loan. 

When your consolidation loan is issued, your lender pays off the outstanding balances of all the loans you put in the consolidation. In essence, you refinance your education debts. 

In addition to simplifying record-keeping and check-writing chores, consolidation can significantly reduce your monthly payment burden. That's because consolidation allows you to stretch your repayment period from the standard 10 years to up to 30 years, depending on the amount of your education debts. The lower payment means you'll have more money available to meet other household expenses, including car payments, childcare, and career-related necessities. 

Extending the repayment period increases your total interest payments, because you'll be making smaller payments over a longer period of time. However, there also are no prepayment penalties for accelerating the payback of your Federal Consolidation loan. 

To consolidate, see:

StudentLoanConsolidator.com