Consolidation is an option intended to make payments easier by allowing you to combine several loans with varying payment schedules and interest rates into one convenient payment. If you have several loans from various sources (i.e. Stafford, SLS, Plus, Federal Perkins/NDSL, or HPSL/Nursing) you may be eligible to consolidate these loans into one low payment. By extending your loan period, monthly payments are lower and often more manageable, but consolidation is not for everyone. Some employment opportunities are eligible for cancellation benefits. See the chart above titled "Are You Eligible for Deferment/Cancellation Benefits?" to determine eligibility requirements. For those borrowers who are having difficulty keeping up with the multiplicity of loans taken over the course of their studies, this is highly recommended.
As a courtesy, we have listed several agencies you may contact concerning your loan consolidation process.
Heartland Campus Solutions ECSI http://www.heartlandecsi.com/
US Dept of Education www.loanconsolidation.ed.gov