Student loan consolidation reduces your monthly loan payments. By consolidating, you combine one or more existing education loans into a single loan.

The original loans are paid in full and a new consolidation loan for the combined balance is originated.

Consolidating your student loans can significantly reduce your monthly student loan payments. That's because loan consolidation lets you stretch your repayment period from the standard 10 years to up to 30 years, depending on the amount of your student loan debt.

The lower payment means you'll have more money for other expenses.

Extending the repayment period increases your total interest payments because you'll be making smaller payments over a longer period.

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