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If some or all of your student loans were from private lenders, you will have to use a refinancing program to achieve similar results.Consolidation is a way to make repaying student loans more manageable, and possibly less expensive.If you decide to take out a loan, make sure you understand who is making the loan and the terms and conditions of the loan. Department of Education’s federal student loan program is the William D. Even though you don’t have to begin repaying your federal student loans right away, you shouldn’t wait to understand your responsibilities as a borrower.Student loans can come from the federal government, from private sources such as a bank or financial institution, or from other organizations. Department of Education responsible for Health Education Assistance Loan (HEAL) Program loans? Get the scoop: Watch this video about responsible borrowing or browse the tips below it. Based on the results of your FAFSA form, your college or career school will send you a financial aid offer, which may include federal student loans.Making one payment every month instead of many payments makes life simpler.You can go through the Direct Loan Consolidation program because it lets you keep the door open for income-based repayment options that result in lower monthly payments.

Here are more pros for the Direct Loan Consolidation program: If you have missed payments because you struggle keeping up with multiple loan servicers and multiple repayment dates, consolidation or refinancing is a valid choice.That is a sizeable and unwelcome graduation gift so it’s important to know how to minimize the damage.If the money you borrowed was all federal loans, you can find easier repayment options by applying for a Direct Consolidation Loan.The major difference between refinancing and Direct Loan Consolidation is that with refinancing you negotiate a fixed or variable interest rate that should be lower than what you were paying for each loan individually.The lenders take into account your credit score and whether you have a cosigner in determining your interest rate.

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Some lenders do make it possible to reduce the interest rate by making direct payments or by qualifying for a reduction by making on-time payments over an extended period of time.

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