To determine if consolidation is right for you estimate your savings with our student loan consolidation calculator.

There are no fees and no pre-payment penalities on a federal consolidation loan.

Direct PLUS consolidation loan borrowers are subject to a credit check.

Deferment or forbearance are always options for short-term relief from payment difficulties.

There are also a few refinancing options you may consider.

This means your monthly payments will fluctuate as interest rates go up or down.

Private student loans can usually be paid off over a 10-25 year term.

If you have difficulty keeping track of all your student loans, and as a consequence, find yourself missing payments, consolidation will simply all that.

However, if you’re concerned about the impact on your borrower benefits, consider reevaluating your budget and determine how you can continue to make your existing payments.

Parent borrowers of the federal PLUS loan may consolidate, or refinance, their loans into a federal consolidation loan. There are two main reasons borrowers decide to consolidate their federal loans: a fixed interest rate and lower monthly payments.

Other reasons include the convenience of having just one loan with one monthly payment and prevention of defaulting on one's loans.

This is done through a private lender such as a bank or credit union.