JMCombs

Make sure you evaluate if loan consolidation is the best for you.
Consolidate if you want to accomplish the following:
1. want a lower monthly student loan payment
2. want to combine several student loan payments into one payment
3. want to fix your interest rate (federal consolidation only)

If your goal is one of the above, then student loan consolidation might be a good option for you.

KEEP IN MIND: If you have less than $10,000 in student loans, consolidating your loans will not reduce your monthly payment and many lenders won’t offer consolidation if your total loan balance is that low. If that’s your situation, you should ask your existing lender about combined billing for your accounts or alternate repayment plans that may temporarily provide lower monthly payments.