Pros and cons of consolidating student loans

When you consolidate, you essentially take out a new loan that pays off all of your other loans.This makes life easier because you only have to make one payment to one servicer for your federal student loans.On the other hand, your loan will likely become more expensive overall and you'll pay it off over a longer period of time.

It simply depends on your current financial situation.

And while that's a great help to many, consolidation can come with many cons to balance out these pros. The length will depend on how much you consolidate (see below).

This decreases your monthly payments but likely increases how much you pay overall (as you pay significantly more in interest over the lifetime of the loan).

If you're currently repaying your student loans, you may have identified some problems with the process.

(Besides the "parting with your money," that is.) If you're having trouble staying organized or are worried about missing one of your five loan payments, you have an option that may simplify things for you: consolidation.

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