Each has its own pros and cons, which we’ll get into in a little bit.

But in general, here are some of the benefits and potential drawbacks when considering student loan consolidation.

The Direct Consolidation Loan allows you to consolidate multiple federal student loans into one.

We’ve created this guide to help borrowers better understand the emerging student loan refinancing and consolidation industry.

This section is used to describe eligibility requirements.

Stipulations and rules for private loan consolidation vary by the financial institution you’re working with.

Unlike federal loan consolidation, a private loan may carry a variable interest rate, which means it — and therefore your monthly payment — can change over time.

The Simple strives to keep its information accurate and up to date.

The information in our reviews could be different from what you find when visiting a financial institution, service provider or a specific product's website.

But if you switched majors, transferred colleges, or went on to graduate school, you may be among the 19% that owe ,000 and above, or the 5.6% who owe more than 0,000.

Chances are if you’re dealing with student loan debt, you’re not just dealing with one loan. And if you couldn’t cover the costs with federal loans, you very well may have turned to a private lender, such as a bank or other lending institution (e.g., Sallie Mae) to fund the rest of your expenses.

Unlike federal loans, these loans are not managed by the government.

Instead, your loan is managed by a lending institution, such as a bank, credit union, college foundation, or a state agency.

All products are presented without warranty." Graduating from college comes with the acknowledgment of great achievement — and, if you’re like 70% of graduates, a burden on your back in the form of student loan debt.