What will consolidating a perkins loan do
As part of the process, you’ll need to provide details about your existing federal student loans, and choose a federal loan servicer and repayment plan for your new consolidation loan.
Typically, consolidation is the best option of getting out of default quickly, as you’re able to move directly into an Income-Driven Repayment plan and can immediately start building credit towards Public Service Loan Forgiveness if you’re eligible.
If the options above don’t work for you and you simply can’t make any payments right now, you might be eligible to postpone your payments through a deferment or forbearance.
However, depending on the type of loan you have, interest may still accrue (accumulate) on your loan during the time you’re not making payments.
Many people who took out student loans tried to get a federal student loan before attempting to get a loan from a private loan provider.
Federal student loans not only help you get your college education but they can even help you not have any debt.