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Saving by Using Student Loan Consolidations - Tips for Paying off School Debt

Updated on October 18, 2011

Consolidating Your Student Loans Makes Sense

Many students that take out loans for school, can end up with up to 20,000 dollars of debt or often more. It makes sense to consolidate these loans, bring them all together to pay them off in one easy payment each month. You can have less room for error, and also pay them off more quickly sometimes. You can also have them spread out and a bit thinner if need be during a financially difficult time in life. There are options, and be sure to know you can go back to paying more if you are able, as that is definitely recommended.

There are financing options out there, and you need not be overwhelmed by everything. There are some consolidation comparison tools out there, like you can find on Simple Tuition's website for instance, to determine if student loan consolidation is right for you. This can help to compare the financing options out there, so you are most educated in regards to your student debt. The goal is to compare the options from a variety of different lenders so you make the best choice for your personal situation. The factors to take into consideration are things like the total cost of your debt, monthly payments, annual percentage rates and any fees.



If you are strapped for cash as a borrower, you will appreciate the flexibility afforded you by a loan consolidation. Federal loans generally come with an obligation to pay back in ten years. This can be tough depending on your situation. With a consolidation, you can extend that up to 30 years. (Though I would recommend trying to pay it back much sooner than that. Save that option for emergencies.)


Possible Questions

Question: Can Federal and Private Loans be consolidated together?

This is a question for many people, but it is recommended that you not consolidate your private loans for college and your federal loans together. Federal and private loans are better left separate, because of their different rates, fee structures and terms, etc. Government loans are backed often by the government, and by combining with a private loan you may lose some of those benefits you may have been able to tap into if need be.

Question: Is there a maximum amount of loan money that I can consolidate?

No, there is no maximum or dollar limits in regards to how much you can consolidate. So that is good news for many.

Question: I have already consolidated my student loans once, am I able to ever get a new consolidation?

There are certain conditions in which you are able to include a current loan consolidation into another loan consolidation. For instance, if you include in that at least one other FEEL loan or direct loan into the current direct consolidation loan, or existing FEEL loan, then it may be possible. Another possibility is if you are attempting to consolidate a FEEL consolidation loan that has been submitted to a guaranty agency for default aversion by your loan holder, then it may be possible. Make sure to share all your details as you ask questions.

Question: How long does it take to process my student loan consolidation?

This will vary depending on your lender and also the amount of different loans you have and and types of loans. Generally speaking however, the whole process can take anywhere from 6-8 weeks. Once that process has finished, then your first payment will be within 45 days approximately.

Private and Federal Student Loan Consolidation

Do you think Student Loan Consolidation is a good idea for graduates with more than one student loan?

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    • oceansnsunsets profile imageAUTHOR


      7 years ago from The Midwest, USA

      @Phoenix, thanks so much, I appreciate that.

      @ Stedent Loan, thank you for your visit, and comment as well. I really appreciate that.

    • profile image

      stedent loan 

      7 years ago

      great article ..this post is very informative for student loans ..thanks for sharing this

    • PhoenixV profile image


      7 years ago from USA

      Great tips and a well written hub.


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