With an average balance of ,000, student debt is a big part of the average college graduate's life.At Lend EDU, we help borrowers compare the top student loan companies in one place.
And you don’t have to consolidate at all if you don’t want to; it’s just an option.
If you’re currently in default on any loan you want to consolidate, special conditions apply.
The loan must not be in collections, and you must either make three consecutive monthly payments to get current first, or choose one of the income-linked repayment plans when you consolidate.
Federal student loan consolidation is free; there is no application fee, and you don’t need to work with a private company that wants to charge you money to help you consolidate your loans. Most federal student loans can be consolidated, including Federal Direct Loans, Stafford loans (discontinued in 2010 and now made through the Direct Loan program), Perkins Loans and FFEL loans.
When you consolidate your loans, you can extend your repayment period to as long as 30 years, making your monthly payments lower.