Many students that have student loan debt after they graduate college often turn to low interest student loan consolidation plans in order to make their college debt easier to pay by bundling all of their debts into one loan. This can be beneficial for some college students who have a high amount of debt from various sources, but student loan consolidation may not be the best choice for some college graduates.
Student loan debt consolidation loans for federal loans often come with low, affordable interest rates that will allow you to work with Direct Loans, which is the governmental program through the Department of Education that handles student loans. If you are on a repayment plan with Direct Loans and consolidate your loans with this company you may be able to take advantage of other debt assistance options as well.
If you have only a few sources of student loan debt you may fair better if you keep them separate. Consolidating loans could lead to a longer repayment timeframe and, even with the low interest rate, you may end up paying more than you would had you kept your loans separate. Also, some student loans will not consolidate, like subsidized and unsubsidized loans, so you need to make sure the student loans will consolidate if you feel that student loan consolidation is the best route for you.
Managing your federal student loan debt can come with certain programs to help you make your repayment more affordable. There are income-based repayment plans, forbearance options, deferment periods, and even student loan forgiveness options down the road.
If being able to pay back your student loans is your concern you need to take time to contact your student loan lender and make sure that student loan consolidation is going to be the most affordable option for you. Also, you will want to make sure that you are completely unable to pay your loans separately before consolidating, otherwise you may spend more money than you have to.