Consolidating Student Loans

Need advice on consolidating student loans? Learn about the best options for student loan consolidations. The Great Recession and COVID-19 pandemic made it more difficult to pay off college debt, but when interest rates are low, or at least lower than your existing loans, it is a good time to refinance student loans.

Last updated on November 1, 2024 by College Financial Aid Advice.

Federal Student Loan Consolidations

Consolidating Student Loans
The Federal College Loan Consolidation program is the one of the best choices for consolidating student loans. You can combine existing student loans with variable interest rates into one loan with lower interest rate. Since interest rates are historically low, this is a great time to consolidate student loans.

Congress changes the program from time to time. In 2013, the fixed interest rate was changed to a variable interest rate, but it will still be a lower rate than you can get through a regular bank.

Due to the COVID-19 pandemic, interest rates on federal student loans was temporarily reduced to 0% startng in March 13 2020 to December 31, 2022. However, starting in September 2023, federal college loan interest rates, which are fixed and vary by loan, will return to the same rate they were before the freeze.

What interest rate can you get? The interest rate on a federal government consolidation loan is based on the weighted average interest rate on the existing student loans, to a maximum of 10%. Your monthly payment will also be lower by extending the repayment period.

Student Loan Debt Help - Student Loan Consolidations

If you are looking for student loan debt help, you are not alone. Here are some choices for you.

Direct Consolidation Loans - Federal student loans consolidation help may be obtained from your local college financial aid office, or from the Federal Direct Consolidation Loans Information Center, if you have loans direct from the government.

Outside Lender FFELP Consolidation Loan - If your loans are through an outside lender, contact your bank or FFELP lender to see if you can consolidate your student loans.


Advice from Readers

Paying or Consolidating Student Loans

Paying Off Debt While Traveling the World--a Dream Come True!

After graduating a reputable private college, and amassing tremendous field experience (not to mention connections) I was sure that I would land the job of my dreams. My plan was to work for several years as a research assistant at a top university, and then apply to their graduate school program. However, graduating college...

Paying Off Student Loans Nursing Students

In my research for how to pay for college through scholarships, grants and loans I found programs which offer nursing students a way to pay off their student loans after graduation. These programs were found by searching under student loan repayment program. Several states participate in such programs for nurses since there is such a shortage in nurses in some communities right now...

Student Loan Repayment Assistance - Private Loans = Starving Artist

I have always grown up without any financial help and a dream to go to college. That being said, and in my hurry to complete my degree, I took out three private loans in the amount of about $38,000. I currently have a part time job and am selling as much art work as I can in order to make my enormous payments, month to month. The amount I owe in comparison to what I make is unbearable...

Can I afford $200,000 worth of loans after graduating?

Growing up, my parents lived paycheck to paycheck. They stressed the importance of college so that I would be better off than they were. When it came time, I choose a unique field (aviation) at a private college that cost roughly...

My Teaching Loan is my Worst Nightmare

I took out a Student Loan 27 years ago to complete some classes and to renew my State Teaching Certificate. I only borrowed $3,000 for the Tuition and Fees at the Graduate School. I did very well in the classes but I did not handle my business well and as a result 2 consequences occurred…

Forever Investments

It keeps going, and going, and going… This theme comes to mind when I think about the debt I have accrued in my quest for educational advancement. Since 1996, I have earned a BA in elementary education, an MA in educational technology, and an MA in k-12 school counseling...


More College Student Loans Help

Student Loan Overview

Federal Student Loans

Dependent or Independent Student

Federal Plus Loan

Consolidating Student Loans

Student Loan Debt Forgiveness

Paying off Student Loans

Sallie Mae Student Loans

HomeCollege Loans for StudentsConsolidating Student Loans

Welcome!

Welcome to College Financial Aid Advice, a website full of information on scholarships and grants, student loans, and other ways to save money at college.


Important Things to Do

Scholarships for 2025 - 2026 - It is never too early or too late to work on your scholarship searches. If you are part of the high school class of 2025, you should work on your scholarship and college search now. See our list of Scholarships for High School Seniors

FAFSA - The official 2024 - 2025 FAFSA is available now. The 2025 - 2026 FAFSA will be available on or before December 1. FAFSA.


College Financial Aid Tips

Scholarship Lists An overview of the different types of Scholarship Money for College.

Grants Learn more about grants, the other free money for college.

Need Tuition Help? Reduce the cost of tuition with these college Tuition Assistance Programs.

Tax Credit Claim the American Opportunity Tax Credit.

College Savings Plans Save money for college with these College Savings Plans.

Need a Student Loan? Yes, you qualify for these college Student Loans.


Popular Scholarship Searches

Scholarships for High School Students

Scholarships for College Students

Easy Scholarships

Scholarship Contests

Weird Unknown Scholarships

Merit Based Scholarships

Scholarships for Minorities

College Scholarships for Women