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Access to income-driven repayment plans: If you’re having trouble affording your student loan bill, consider repaying your loans on an income-driven plan.

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The program will dissolve your remaining federal loan balance after you make 120 payments while working in a public service job.

But only direct loans qualify, so you can consolidate Federal Family Education Loans or Perkins loans into a direct consolidation loan to participate (read on for important caveats to consolidating Perkins loans).

Potentially higher interest payments: Your new loan term could be longer than your individual loans’ repayment schedules.

There are so many choices to make when you take out student loans: big loan or small loan, federal or private, co-signer or no co-signer.

You’ve got just as many choices when it’s time to repay your loans.

If you’re deciding between federal student loan consolidation and refinancing, it’s important to understand the differences before choosing which makes the most sense for you.

Here’s a quick breakdown: Learn more about the two types of student loan consolidation to see whether one is right for you.

[Skip to refinancing] This option is available only for federal student loans.

The government combines your separate loans into a direct consolidation loan, and it assigns you a 10- to 30-year repayment term based on your total balance.

Your interest rate is a weighted average of your previous rates, so it’s not determined by your financial history.

Certain loan types that aren’t otherwise eligible for loan forgiveness and income-driven repayment become eligible as a result of consolidation.

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