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Private student loans come directly from a private lending institution and can also be consolidated.

However, Federal and private loans cannot be combined into one loan together.

There are a few advantages and disadvantages to consider before consolidating your student loans.

Here are the pros of consolidation: Most Federal student loans, which are backed by the government, can be consolidated into a Direct Consolidation loan.

No more spending all your free time keeping track of when to make each payment and how much to pay.

This can go on for several years after you graduate from college.

In trying to stay on top of their debt, many individuals consider consolidating their student loans. When you consolidate your student loans, you take multiple student loans and convert them into one single loan.

You may end up paying a higher rate of interest: If you consolidate your federal student loans and the new term is extended over a longer time period, you will inevitably end up having to pay a higher rate of interest overall.

Done this way, you will eventually pay a much higher amount than you would have had to pay if you had not consolidated your loan.