Although your Federal Perkins Loan has a low interest rate, you may find that the combined total of all your student loan payments is unaffordable. If so, you can apply for a Federal Consolidation Loan, combining all of your student loans into one loan. Once you do this, you’ll have only one loan payment instead of several.
Consolidation will reduce your payment amount, but increase the amount of interest you pay over the life of the loan. Don’t want to pay more interest? Increase your payments or fully repay the loan when your financial situation improves.
Review our pages about Perkins Loan cancellation and deferment before you pursue consolidation. If you consolidate your Perkins Loans with other loans, you may lose eligibility for some cancellation or deferment programs.
Married couples may consolidate their individual student loans. However, when you consolidate your loans, you also permanently consolidate your liability. If one of you dies, the other is still liable for the loan. If you divorce, you are still both responsible for the loan.
Only federal loans are availa