If you are struggling to pay your student loans, you may be considering consolidating your loans. By consolidating loans, you can simplify your finances and create only one student loan bill for you to pay each month. Consolidation does not lower the total amount you owe, but it may allow you to establish a monthly payment that is more manageable.
According to studentloans.gov, most federal student loans are eligible for consolidation, including:
- Direct Subsidized Loans
- Direct Unsubsidized Loans
- Subsidized Federal Stafford Loans
- Unsubsidized Federal Stafford Loans
- Direct PLUS Loans
- PLUS loans from the Federal Family Education Loan (FFEL) Program
- Supplemental Loans for Students (SLS)
- Federal Perkins Loans
- Federal Nursing Loans
- Health Education Assistance Loans
- some existing consolidation loans
Private education loans are typically not eligible for consolidation. If you are in default, you must meet certain requirements before you can consolidate your loans.
A PLUS loan made to the parent of a dependent student cannot be transferred to the student through consolidation. Therefore, a student who is applying for loan consolidation cannot include the PLUS loan the parent took out for the dependent student’s education.
If you have questions about consolidating your student loans, we can help. Let us walk you through the process and ensure you obtain manageable monthly payments.
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