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. Once you consolidate you will lose all cancellation benefits if you include your Perkins loan in the consolidation. In order to apply for a consolidation or read more benefits please go here.