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Writing Advice for College Students


Federal student loans can be complicated. There is two type of loans for which the undergraduate as well as the graduate students. They offer fixed interest rates on the loans. As a student goes through his/her academic career, they may get some different loans with different interest rates. Eventually, they have to pay a lot each month to get rid of the debt.

To get out of this tension of paying multiple payments, student loan consolidation comes to the rescue.  Many companies offer students to consolidate their loans into one simple monthly payment. You will have the simpler structure of your cash flow that you can follow. The pros and cons attached to the federal student loan consolidation are being discussed below.


  • There is only one monthly payment service by one lending company. Typically students own multiple student loans from multiple lending companies Consolidation make things a lot easier for them. They can consolidate all their student loans into one so that they have one monthly payment to just one lending institution.

  • The second main benefit that they get is that there will be now one fixed interest rate. Mostly, when you take student loans, you have different interest rates per loan. What happens when you consolidate all your loans into one is that the mending institution takes the average to give you your new interest rates on the one loan for which you will make payments each month.

  • There will be low payments and your loan period will be extended to 15, 20 to even 30 years long. Typically the payments are reduced by 50%.

  • You can have multiple repayment plans, such as graduating standard, income based, extended.

  • Another advantage is that you can consolidate any amount of dollars. For example: your student loan stood up to $10,000 or 20,000 etc. You are eligible to apply for consolidation as there are no minimum criteria for this to qualify for student loan consolidation.

  • The last and the most important pro is that the student is still, after consolidating all of the student loans, is eligible for forbearance and deferments.


  • Typically when you consolidate your student loan, the repayment starts two months after consolidation.

  • The interest rate you agreed to is what you get. So, if you do not feel comfortable with it, you can still cancel it. But, make sure you cancel it by the deadline.

  • The second disadvantage could be that you are no longer able to get any benefit from the previous lender anymore. As, sometimes your previous lenders may give you benefits, such as principal reduction, interest rates, etc. So, once you go to the new lender, you will lose any of these benefits. Therefore, before consolidating, you have to evaluate all the benefits that the new company might offer you and then make your decision final.

  • Private loans are not eligible for the federal student loan consolidation programs. You can consolidate the federal and private loans, but that should be through a private lending institution, such as a bank.