If you consolidate your loans incorrectly, you could lose access to student loan forgiveness programs, repayment programs, or even your past loan forgiveness history! So, before you increase your risk of mistakes, let's dive in and see why most borrowers shouldn't consolidate their student loans. However, most borrowers will find that all of their student loans are at one student loan servicer. First, the difference between consolidation and student loan refinancing:Student Loan Consolidation: Combining multiple Federal student loans into a new Consolidation LoanStudent Loan Refinancing: Combining multiple loans (could be Federal, private, or a combination) into a new private student loanIf you consolidate your student loans correctly, you can still potentially have access to Federal programs like student loan forgiveness or income-driven repayment plans. Who Should Consider Student Loan ConsolidationThere are some cases where student loan consolidation makes sense.

Source: Forbes December 21, 2018 13:07 UTC