It was mentioned above that the rate on a consolidated loan is lower than the rate on each of the original loans. Besides being lower, that rate is also fixed.

The rate on a Stafford or Perkins Loan is variable. The rate on a consolidated loan does not change during the course of the loan.

A student with a consolidated loan does not need to spend time keeping track of the payment schedule for two, three or more loans.

That student loan recipient can just make a single monthly payment. Often the student elects to make that single payment through an automatic debit.

That can decrease the loan rate by another 0.25%.

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Gradate students who consolidate student loans can learn then about fellowships and graduate school loans.

Parents who consolidate their loans can search for free money or private loans. Those benefits come on top of the loan’s lower interest rate.

When you consolidate student loans, you provide yourself with a chance to improve your credit score. No graduate wants to face credit problems that have been caused by his or her need to take out loans in order to cover college expenses.

In light of all the above benefits, students should ask this question:

Who Can Qualify?

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