With just a few exceptions, you get only one chance to consolidate with the government loan programs.
WARNING: It is very dangerous to consolidate federal loans into a private consolidation loan.
Many people pay hundreds of dollars each month on college loan repayments.
At a time when the economy is still in recovery and finding a well-paying job is easier said than done, the results of this debt could be devastating.
Before you act on this information you should seek independent legal and financial advice.
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Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. Refer to the complete list of federal student loans eligible for consolidation in the application.Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.As you weigh the pros and cons, keep in mind that timing is critical.You will lose your rights under the federal loan programs once you choose to consolidate with a private lender.Direct consolidation loans are now the only type of federal student consolidation loan.