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When choosing a company to work with, consider factors like: For federal loans, there may be several ways to repay your consolidation loan.

These include: Standard Repayment Plan – Fixed payments, made over a period of 10 to 30 years Graduated Repayment Plan – Payments start out low and increase over 10 to 30 years Extended Repayment Plan – Fixed or graduated payments; pay off your loans in 25 years Income Driven Repayment Plans – Payments are recalculated each year based on factors like your income and family size Private student loan refinancing companies do not have the same kinds of repayment options.

Consolidating only works for your federal loans, though.

If you want to combine several private student loans (or private federal loans), you’ll have to refinance.

That said, some lenders may offer more flexible plans.

One possible option is Fed Loan Servicing, which manages the Public Service Loan Forgiveness program (PSLF).

Students who borrowed federal student loans may apply for a Direct Consolidation Loan.

This lets you combine different kinds of loans, like Unsubsidized and Nonsubsidized Federal Stafford Loans.

That’s because the interest rate of your Direct Consolidation Loan depends on the weighted average of the interest rates for all your loans.

It may be smart to pay off that higher interest loan quickly, instead of including it in your Consolidation Loan. Since these don’t come with federal benefits, you could potentially refinance them all with a private lender.

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Contact the loan servicer if you have questions or need help with your application.

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