To determine if consolidation is right for you estimate your savings with our student loan consolidation calculator.

Get Started Now If you have multiple student loans from the federal government, then it’s likely you make multiple payments to various lenders.

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Now that you are facing the stress of dealing with the repayment of your student loans, you may want to opt for consolidation.

Consolidating student loans can be tricky, and several factors need to be taken into consideration when making your decisions.

The most glaring difference is that, with a Federal Consolidation Loan, your interest rate is fixed in keeping with a federal formula, while private consolidation interest rates can be either fixed or variable.

Variable means that the interest rate can increase at any moment.

However, some borrowers can qualify for the government's Extended Repayment Plan.

Borrowers who consolidate student loans through the Federal Consolidation Loan Program can refinance one or multiple student loans into one new fixed-rate loan.

This is an especially important advantage for recent graduates who have not come close to reaching their peak earning potentials.

If you choose to pursue a public sector career, the government may forgive your federal student loan after 10 years.

The interest rate on your federal consolidated student loan is fixed.