What will consolidating a perkins loan do

08-Oct-2018 17:09

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If you are making more than one student loan payment each month for your various types of loans, you may be tempted to consolidate to get down to one payment each month.Certainly this would make it easier to keep track of your educational debt, but is this the best route for you?If you’re considering consolidating your loans, here are some downsides you should be aware of.

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And very importantly, if you are eligible for public service loan forgiveness or another type of forgiveness or cancellation program, you must make 120 qualifying payments on your loans.If you consolidate mid-stream – say 40 payments into your 120 – you will start over again at one with your first payment on your newly consolidated loan.In this case, seeking income based repayment options to lower your loan payments will be more beneficial.#3 Repayment Options Limited Once that loan is paid off, the amount of that monthly payment would be dedicated to the next highest interest rate loan.