A consolidation loan is just what it sounds like: You can take two or more outstanding loans and refinance them into one.As with the Stafford Loans, there are both Direct and FFEL consolidation programs.
When you consolidate, a lending institution pays off your existing balances and replaces them with a new, consolidated loan.
is there a way to consolidate these all into one single debt/monthly payment?
Peter Dear Peter, If it was just about government student loans then the answer would be an easy, 'Yes.' There is no charge to consolidate most government student loans into a Direct Consolidation Loan which is then eligible for a monthly payment based on your income.
Before you choose to consolidate your loans, examine your situation carefully to determine if this is the best course of action.
This isn’t a solution that works well for everyone (even if you do have several different loans to manage).