Each of them may have different terms, including interest rates.Consolidating those loans into a single new one can simplify your payments, especially if your loans are with different loan servicers, the companies that oversee your payments.
Since you must select a repayment plan on your application, start by determining which plan makes the most sense for your situation.
To identify your current plan with Great Lakes, and to investigate other plans, select tab to estimate your monthly payment under various repayment options.
Historically, that may have been accurate, since consolidation was often used as a way to lock in a low interest rate on variable-rate loans, says financial aid expert Mark Kantrowitz.
But that hasn't been the case for the past decade, since the government stopped issuing student loans with variable rates.
One way to resolve a defaulted loan is to combine your existing federal student loans into a new Direct Consolidation Loan from the US Department of Education (ED).
Even if you have only one defaulted student loan, you may obtain a Direct Consolidation Loan to resolve the default.
Student loan consolidation: Consolidation is the process of combining your government loans so that you can make a single monthly payment.
Should I refinance my student loans with fixed or variable interest rates? How do I consolidate or refinance my student loans? How much can I save by refinancing my student loans?
You may be able to change plans at any time, based on eligiblity requirements.