Pros cons consolidating federal loans
You may lose some borrower benefits: If you decide to combine all your loans, you may lose certain borrower benefits.For instance, with your original federal student loans, you may qualify for loan forgiveness.You need to think through carefully, do your research, speak to the lender and evaluate the pros and cons so that you know for sure that you are making the right decision given your circumstances.
While this means you have fewer details to remember, sometimes, the new rates and terms and conditions may not be as beneficial as the original rates and terms.
With loan consolidation, you maintain one record of all your debts.
This makes it easier to remember and allows you to stay ahead of your payments.
Before you consider taking your individual federal student loans and consolidating them into one loan, it is advisable to take some time and learn about why you should or should not consolidate your student loan.
You combine multiple federal student loans into one: The biggest advantage of consolidating student loans and one of the biggest reasons why most people consider this option is that it takes the hassle out of debt repayment.