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A Direct Consolidation Loan allows you to consolidate (combine) one or more federal education loans into a new Direct Consolidation Loan for the purpose of lowering your monthly payment amount or gaining access to federal forgiveness programs.

Only federal Direct Loans can be forgiven through PSLF. If you have other federal student loans such as Federal Family Education Loans (FFEL) or Perkins Loans you may be able to qualify for PSLF by consolidating into a new federal Direct Consolidation Loan.

If you're considering either federal or private student loan consolidation to drastically lower your loan bill, consider income-driven repayment instead. The government offers plans that cap payments to 10% to 20% of discretionary income and offer forgiveness on the remaining balance after 20 to 25 years of payments.

A private consolidation loan or refinancing a student loan allows you to combine all or some of your student loans, private and federal student loans, into one larger private consolidation loan through a private lender or bank.

Can you refinance your federal student loans with the government? Kind of?federal student loan borrowers can consolidate their loans. Consolidation combines your federal student loans into one loan with one monthly payment. Learn about the pros and cons before you consolidate.

If you have more than one federal student loan and are looking to consolidate them into one loan, you can do so through the U.S. Department of Education ? for free. It generally does not trigger a credit check, so it should not negatively impact your credit.

To consolidate, you'll have to approach a private lender like your bank. They'll have to agree to take on your Canada student loans, which currently are guaranteed by the government. Most lenders won't take over government student loans. Even if they did, your interest rate would likely be higher.

: to make firm or secure : strengthen. consolidate their hold on first place. He consolidated his position as head of the political party.

Generally, no. The Standard Repayment Plan for Direct Consolidation Loans is not the same repayment plan as the 10-Year Standard Repayment Plan, and payments made under the Standard Repayment Plan for Direct Consolidation Loans do not usually qualify for PSLF purposes.

To consolidate loans, a borrower must apply online or by mail. If you've decided consolidation is right for you, log in and complete your free application.