You can get a complete list of eligible loans at gov.As college tuition costs soar higher than inflation, student debt has risen as well.Are your student loans, Federal Student Loans or are they Private Student Loans?
Read on for the pros and cons of consolidating your loans." data-reactid="22"More than 40 million Americans have student loan debt.The maximum interest rate for a federal Direct Consolidation Loan is 8.25 percent. If you have both private and federal student loans, however, you cannot lump them together under a federal consolidation loan.Nor is it a good idea to combine them under a private loan, as your interest rates will most likely rise [source: Fin Aid].You could put that payment on automatic and be done with it. Will consolidation affect federal forgiveness or repayment plans?But while simpler is preferable, there are other factors to consider. To me, it's not just about simplifying your life, but also about improving your financial situation.