In the US, many college graduates make multiple student loan payments each month. Managing multiple student loans can be rather time consuming and confusing; consequently, many graduates and parents choose to consolidate student loans.One of the greatest benefits of consolidating student loans is that doing so can actually lower your monthly payments by 50 percent or more. Student loan consolidation programs allow graduates to combine all eligible student loan debt into one loan, locking in a lower interest rate, and as a result securing lower monthly payments.If your federal student loan debt amounts to less than about $5,000, you could benefit from a Federal Direct Consolidation Loan, which has no minimum amount to consolidate. You will have only one lender, the U.S. Department of Education, for all consolidated student loans. This type of student loan consolidation offers flexibility when setting up a repayment plan, with four separate plans tailored to meet the needs of individual borrowers.If your total student loan debt amounts to much more than $5000, you should do some online comparison shopping, as national lenders often have better rates and offer additional discounts for making a certain number of on time payments, and paying […]

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