Consolidation gives borrowers who have defaulted on student loans a second chance.
There are no borrower fees for consolidating. Borrowers who consolidate can choose among different repayment plans and may be able to stretch out the payments over a longer period of time and make lower monthly payments. When you lower your payments or stretch out your repayment period, that means you will end up paying more interest over the life of your loan. Depending on the amount of the loan, this can be significant. Enter your total monthly payments for student loans below.