Pros and cons of consolidating federal student loans

Select, economically disadvantaged students are eligible for additional loans through the Perkins program.The aid is designed to increase college access for the neediest groups of students.Perkins Loans fill gaps left after other financial aid is expended.

Perkins Loans may be consolidated through the Federal Direct Loan Consolidation Program, provided eligible borrowers also hold at least one Direct Federal Loan other than the Perkins that is to be consolidated.If your Perkins Loans already carry low rates, it may not benefit you to consolidate.Another consolidation benefit realized by students having difficulty keeping up with student loan payments, is restructured repayment.A person can only consolidate loans in his or her name.A Parent PLUS Loan cannot be transferred to a student to pay off.However, there are pros and cons to student loan debt consolidation that each person should consider.Subsidized and unsubsidized Direct and FFEL Stafford Loans, Direct and FFEL PLUS Loans, Supplemental Loans for Students (SLS), Federal Perkins Loans, Federal Nursing Loans, Health Education Assistance Loans and other loans can be consolidated through this program.By extending the term of student loan repayment, or selecting an individual payment plan that matches income levels and ability to pay, borrowers who participate in the Consolidation Program sometimes have lower monthly payments on the new loans.It should be noted, however, that extending repayment terms also adds more total interest to the loan, over its entire lifetime.Many students who enter college must take out loans to pay off their tuition, room and board and other expenses.The thousands of dollars in student loans can be overwhelming for some people, and they wonder how they will pay off all their loans on time.

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