Government help consolidating student loans

There are companies that may offer to help you consolidate your federal loans with the federal government, for a fee, but you don’t have to pay for this service.

Consolidating with the federal government is a process you can do on your own, at no cost.

Make sure you understand all the conditions of your consolidated loan before you agree to consolidate.

Some debt relief companies and lenders offer to consolidate federal and private loans together into one new loan to lower your monthly payments or interest rate. Consolidating private and federal loans turns it into a private loan, which means you will lose the federal repayment benefits and protections of your federal loans, such as deferment and forbearance, income-based repayment plans, and loan forgiveness.

Before you consolidate your loans, find out what it could mean for your specific situation.

In addition, many states and colleges use your FAFSA data to determine your eligibility for state and school aid.

Some private financial aid providers may use your FAFSA information to determine whether you qualify for their aid. When you fill out your FASFA, you will also create an FSA ID.

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