Consolidating your loans means you are taking your individual student loans and combining them into one single loan. The individual balances with each loan holder are paid by your consolidation lender. Consolidating your loans may reduce the overall monthly payments and the overall total amount repaid with interest.
The interest rate of a consolidation loan is usually a weighted average based on the individual loans used in the consolidation.
Student Financial Services cannot tell you if a consolidation loan is right for you, however we can give you information to help you make the best decision for yourself. It is important you fully understand the terms and conditions of your consolidation loan because once your loans are consolidated, it cannot be undone.
You can visit StudentLoans.gov for a calculator that can help you decide if a consolidation would be a benefit to you. You are not required to consolidate your loans through Direct Loans and are free to consolidate with any lender of your choice. Be aware that any current borrower benefits you currently have with your lender may be lost after the consolidation.
To view your student loan history, review the National Student Loan Data System (NSLDS). NSLDS will provide you with your balances and lender contact information.