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If you include a Perkins Loan, for instance, in the consolidation, you’ll lose specific cancellation benefits that are only available from that program.

(Learn the pros and cons of federal student loan consolidation.) If you’re in default, you’ll have to meet some requirements before you can consolidate your loans.

To consolidate a defaulted loan, you must apply through Student

You can submit your application online or through the mail after downloading and printing a paper application.

Do yourself a favor: Hate debt; start paying it off; spend less than you earn.

You can get out of default on your federal student loans by consolidating them into a new Direct Consolidation Loan through the U. You can consolidate your federal student loans into a Direct Consolidation Loan whether or not you’re in default.

Avoid private consolidation loans for your federal student loans.

In turn, you’ll only need to make a single monthly payment to the one lender.There is one huge downside in consolidating your loans, however.If you haven’t solved the problems that put you into debt in the first place, you’ll end up off.One area you’ll want to pay close attention to is your accounts and payment history.It could throw off your repayment plan if the information is inaccurate.

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