Loan Consolidation applies to outstanding federal debt, whether Perkins, Stafford or Federal Direct Loans.
Perkins Loans stand apart, in some ways, from the other federal student loan programs.
Students with multiple federal loans are increasingly concerned about how they will meet repayment obligations after graduation.
The good news for college students, and graduates carrying multiple individual student loans, is that the Department of Education operates an established program allowing more than one loan to be bundled together under a single, renegotiated repayment contract.
You can consolidate all, just some, or even just one of your student loans.
Consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea.
Perkins Loans fill gaps left after other financial aid is expended.
Funding is limited, so your best bets for securing a loan are to file early, and meet federal financial aid eligibility requirements.
A Parent PLUS Loan cannot be transferred to a student to pay off.If your Perkins Loans already carry low rates, it may not benefit you to consolidate.Another consolidation benefit realized by students having difficulty keeping up with student loan payments, is restructured repayment.However, there are pros and cons to student loan debt consolidation that each person should consider.Subsidized and unsubsidized Direct and FFEL Stafford Loans, Direct and FFEL PLUS Loans, Supplemental Loans for Students (SLS), Federal Perkins Loans, Federal Nursing Loans, Health Education Assistance Loans and other loans can be consolidated through this program.