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Lower Monthly Payment Consolidation loan monthly payments are lower because the repayment period is longer.Loss of Deferment and Forgiveness Benefits You may not be eligible to receive the same deferments on your Consolidation Loan that you were eligible to receive on your original loans.There are a growing number of companies offering student loan refinance and consolidation products.You should know the interest rate, fees and terms before you agree to consolidate or refinance your loans.Also, you might lose eligibility for certain cancellation or forgiveness programs, especially if you are including Perkins Loans in the Consolidation.

They will help you figure out the best way to resolve the default based on your individual circumstance.

We understand that repayment in full is not a viable option for most people.

If that’s the case, you should focus on deciding between loan rehabilitation and loan consolidation.

Like many federal loan borrowers, you may have both FFEL and Direct Loans. Once these loans are consolidated, you will have repayment options, some which lower your monthly payments, from which to choose. Consider the advantages and disadvantages carefully before you act.

Once you consolidate, you are locked into a loan with a fixed interest rate. Therefore, if you consolidate your variable interest rate loans and the interest rates drop the following year, you have "locked" into the higher interest rate for the life of the loan.

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