Got more than one student loan? If so, you know the struggle of keeping up with multiple student loan payments. The good news is that you don’t have to keep up with all of these payments. You can combine your student loans into one large loan and make one monthly payment that will cover them all. Of course, this payment will be larger than your multiple smaller ones, but you don’t have to worry about missing one. You’ll have one loan, one payment and a lot less headache. Here’s what you need to know about consolidating your student loans.

How to Consolidate Your Federal Student Loans

The easiest way to consolidate your student loans into one is to apply for a Direct consolidation loan. A Direct consolidation loan is a federal program that is offered by the U.S. Department of Education. All you have to do is find the application on and complete it. Or, if you prefer, you can complete it via paper and pencil and mail it, but the process is way longer and there is a big possibility that they can lose it.

During the application process, you will select a loan servicer. Make sure that you get the repayment terms from your servicer as well as their terms and conditions for the loan. Get this before you submit the application so that you can be sure that you understand what you are signing up for before you do it.

Let’s talk about your loan servicer for a moment. This is the firm that is responsible for anything and everything that has to do with your loan. The application process is the responsibility of the U.S. Department of Education. But, after your application has been received and processed, any further questions or concerns are then directed to your servicer. This is also the firm that is responsible for letting you know when your loan is paid off, or consolidated. You are 100% responsible for making your normal student loan payments as you are now until you are told that your consolidation is complete and that the new terms have taken effect. You will receive notification when this process has completed.

Benefits of a consolidated loan

A Direct consolidation loan not only allows you to take the guesswork out of making your student loan payments, keeping everything simple. It will also potentially allow you to lower the monthly payment. How is this? A Direct consolidation loan will allow you to stretch you’re your repayment for up to thirty years, dropping the amount of your monthly payment. Of course, this increases the amount you will pay over the life of the loan, so make sure that you understand all of the pros and cons of your repayment schedule before you choose.

Are There Fees?

The short answer is no. You don’t have to pay to apply. There are no early payment or prepayment penalties.

Can I Consolidate Private Student Loans?

You can consolidate private student loans, but not with a Direct consolidation loan. You have to apply for a consolidation loan through private lenders in order to do this. These are not as flexible as the Direct consolidation loan and have higher fees associated with them. All federal student loan options can be consolidated under the Direct consolidation option. makes it possible to consolidate your student loans and make one convenient monthly payment. Get longer to pay and more repayment options when you visit now.

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