Do you make multiple student loan payments to multiple lenders each month? Are you struggling just to keep up with the minimum monthly payments? If the answer to either of these questions is “yes”, then you may want to consider consolidating your student loan debt. National Student Loan Consolidation is a reputable organization who offers services to consolidate your federal student loans.

Advantages of Student Loan Consolidation

National Student Loan Consolidation offers a free consultation and debt analysis with no obligation to apply for a loan, so you may want to take advantage of that service to see how your current payments and interest rates compare to the consolidation loan payments and interest rates. They have multiple consolidation options, and some include PLUS loans, which are sometimes not allowed for inclusion by other lenders.

Disadvantages of Student Loan Consolidation

Consolidation typically lowers your monthly payment because the loan term is extended. In the end, you may end up paying more than without consolidation, because you will be paying more in interest over time. Of course, if you are struggling to make the minimum monthly payments, you may be willing to accept the longer term to avoid defaulting on your student loans.

Federal Student Loans

National Student Loan Consolidation does have consolidation options for federal student loans. You want to be careful when consolidating federal loans, because most of them have extremely low interest rates, while others may have no interest charges at all. You should take the time to calculate your current payments and interest rates and compare that to the consolidation loan options. This is the only way to truly determine if consolidating your student loans is the best financial choice for you.

Compare Lenders

While the lenders who offer federal student loan consolidation options are limited, you should still compare 2 or 3 lenders to find the best offer and the lowest interest rate. Most lenders can be found online, but be sure you are using a legitimate lender to avoid scams. In addition, be sure to remain current with your monthly payments during the loan process.

If you are considering a consolidation loan for your student loan debt, it is important to consider all available options. While many people find great relief with the lower monthly payments, others regret their decision because of the extended repayment period that can be up to 35 years or possibly longer.