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Consolidating Your Student Loans

Student loans generally come in two types: Private loans and federal loans. Private loans may be refinanced in a variety of ways. The options for consolidating federal loans are more limited. Before you allow your federal student loans to fall into default it is important to understand the consequences and your options.

Top Recommended Companies To Apply For A Loan With:
(updated: )

Simple Tuition
    - This company can help you consolidate your student loans by reducing your liquid debt.
    - Save time and money by getting approved quickly.
    - Since 2006 they've have helped millions of people get the money they need and when they need it.

Personal Loans For Tuition
    - Get a tuition loan fast
    - You'll repay your loan with easy, affordable payments! Student Loans This company can save you as much as 60% on your student loans.
    - They offer student loan consolidation loans
    - They have interest rates as low as 3%
    - No collateral required and they can approve loans up to $125,000.

No Discharging The Loan

Federal student loans cannot be discharged through bankruptcy unless the borrower can prove extreme hardship. Extreme hardship in this case means virtual poverty which continues over the entire repayment period. If you do not pay your loan the government pays it. The government will recoup its cost by holding any funds that you may be eligible to receive such as income tax refunds. It may also garnish your pay.

Student Loan Forbearance

Forbearance means you pay only the interest on your loan for a period of up to thirty-six months. This is not an option if the loan is in default.


Combining all of your federal loans into one loan may be advisable. Several programs are available for federal student loan consolidation. However there is a grace period for the consolidation process so a borrower should act promptly. Most of these consolidation loans increase the term of the loan beyond the standard ten years which possibly lowers the monthly payment. The interest rate will be the weighted average of all the loan interest rates with an 8.25% cap.

Consolidation Points to note

Federal student loans can only be consolidated once unless a previously unconsolidated loan is included in the new consolidation. Private loans and federal loans should not be consolidated together.

Here are our recommended sources for student loans

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