Asked by Joseph  |  Submitted January 17, 2015

How can I consolidate my student loans into one monthly payment plan?

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  Answers  |  1

January 17, 2015

Hi Joseph. That depends on the type of loans. If they're all federal, you can use a Direct Consolidation Loan: https://studentloans.gov/myDirectLoan/consolidationPaper.action

If they're private, they can only be consolidated with other private loans, and you'll typically then have a variable interest rate. That can be great now, while interest rates are low, but once rates rise, your payment will also increase.

You should also look into income based repayment plans for your federal loans: https://studentaid.ed.gov/repay-loans/understand/plans/income-driven

And keep in mind, sometimes consolidating means you'll have a longer repayment time. So think about your longer term plans and if you'd like to hunker down and be done with these loans sooner or continue paying a smaller amount for a longer period of time.

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