I mentioned that there are federal government student loans and private student loans. Many students combine these to fund their educations, and some get more than one type of federal student loan, or more than one type of private student loan, or both. You end up having to mail a lot of different checks to a lot of different lenders, at different interest rates, and having to keep track of which is due when.
At this point it becomes easier to consolidate the student loans, which means to transfer all the loans to one lender, so that you only have to mail one check to one lender. This also usually gives you a lower interest rate, and sometimes a longer period of time in which to pay off the loans. In fact, with federal student loans you can consolidate them to a thirty year payment. Keep in mind that you do not consolidate the federal student loans together with the private loans. You consolidate the federal loans first, then you consolidate the private student loans separately. I will write a separate article just about the loan consolidation process and how it works.
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