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Also, you might lose eligibility for certain cancellation or forgiveness programs, especially if you are including Perkins Loans in the Consolidation.
(In either case, check with your lender.) More Interest Paid With a longer repayment period, you'll pay more interest over the life of the loan.
Like many federal loan borrowers, you may have both FFEL and Direct Loans. Once these loans are consolidated, you will have repayment options, some which lower your monthly payments, from which to choose. Consider the advantages and disadvantages carefully before you act.
Visit the Federal Student Loan Consolidation Webpage for more information. You should know the interest rate, fees and terms before you sign any agreement.However, if you try to refinance a federal loan through a private lender, you will lose eligibility for things like forgiveness programs, deferment, forbearance, as well as the income-based repayment programs.With private loans, your credit score is a factor in whether you qualify and you may need a co-signer.Learn more about federal student loans All students are eligible for federal loans, regardless of financial need.You can consolidate Direct Student Loans using one of several income-based repayment plans and there are loan forgiveness programs.