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There are both benefits and drawbacks to consolidating your loans, which we’ll discuss in this article.

Choosing to consolidate your loans is an individual choice and the right decision will depend on the specifics of your loans — the types of loans, interest rates, balances, borrower benefits, and more — as well as your current financial situation.

Under certain circumstances, federally backed student loans – such as Direct Subsidized Loans and Federal Perkins Loans – can be discharged or forgiven.

The prospect of your student debt evaporating may seem like a dream come true.

Student debt has reached an all-time high in the U. of late, with an estimated 40 million people now owing an average balance of ,000, according to credit report company Experian.

With student loans soaring, debt-saddled students and graduates are desperate for any strategy that may help them escape their burden.

The average college grad leaves school with ,000 worth of debt.

But if you switched majors, transferred colleges, or went on to graduate school, you may be among the 19% that owe ,000 and above, or the 5.6% who owe more than 0,000.

With consolidation, you now have only one bill due each month. If you have a ,000 loan with a 6% interest rate and another ,000 with 5%, and you’re planning to pay them off in 10 years. The calculation works like this: As ,000 is ⅔ of your total loan balance and ,000 is ⅓, you’d multiply each interest rate by that fraction and add the results: (⅔ * 6% ⅓ * 5% = 5.67%).

Congratulations, you’re here because you’re ready to take charge of your student loans.

We can help you understand the difference between consolidating and refinancing student loans—and figure out what option is best for your future.

Loans that are not eligible for consolidation include state or private loans that are not federally guaranteed.

Although all of these different loans may be consolidated, you must have at least one outstanding FFEL or Direct Loan to obtain a Direct Consolidation Loan.