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Loan Consolidation may be an option if you have multiple lenders, significant loan debt, or different types of student loans. Through consolidation, a lender buys all of your eligible loans and combines them into one new loan. Loan consolidation offers benefits such as one consistent monthly payment, an extended repayment period, and a smaller payment amount each month. However, consolidation also means the loss of all interest-free periods associated with a Federal Perkins loan as well as the loss of cancellation benefits. Also, a longer repayment period means more interest is paid over the life of the loan.

Before you choose consolidation, be sure you understand the benefits and drawbacks.
 
For more information on loan consolidation visit http://loanconsolidation.ed.gov/.