There are a great many benefits to consolidating your student loan , such as the convenience of making one or two monthly payments as opposed to six or seven, as well a lower monthly payment. But to take advantage of the perks of consolidation, there are some things not to do:
1. Consolidate federal and private together. While it’s not possible to involve your private loan in a federal loan consolidation, it is theoretically possible to involve your federal loan in a private consolidation. But that doesn’t mean you should. Such a consolidation would do away with many of the benefits of federal consolidation, including better interest rate and forgiveness options. Always consolidate your federal and private loans separately.
2. Consolidate if you are close to paying off your student loans. If you only have about a year or two worth of of student loan payments, you may be better off not consolidating. In that instance, consolidation will simply spread out your federal and private loan payments with the possibility of more interest.
3. Consolidate if you are asked to pay a fee up front. Some private lenders may have consolidation fees, but not for federal.
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