There are also a lot of "government repayment programs" – if you do civic duty for like a year, they pay your loans. I would have done that instead of paying off my loans if they had it when I was younger.Consolidating student loans means that some loan service or bank buys the outstanding loans you owe to other creditors. In turn you end up paying back the loan to that service or bank that now owns that outstanding debt.

The benefit is that instead of sending out a bunch of checks to these different banks and loan services, there is only one. Another benefit is that your monthly payments will be lower.

http://loanconsolidation.ed.gov

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