In the last year I have begun working with recent college grads who are struggling under the burden of their monthly federal student loans. Consolidating the loans in many instances can lower monthly payments by 2/3 in my experience. There a few things to consider when consolidating.
1. You can only consolidate federal student loans.
2. There are 7 different repayment options and you may not be eligible for all of them, but you should be eligible for 3-4.
3. With consolidation your interest rates on existing loans will be averaged, so your interest rate will be reduced.
4. While your monthly payments will be reduced with consolidation, you may owe more overall.
5. You can only consolidate federal student loans once.
6. You can pay off you federal consolidated loan early without penalty, which woul reduce the overall loan debt.
Choose your consolidation option wisely for the greatest benefit. If you need student loan debt counseling, contact me at firstname.lastname@example.org.