Consolidation Loans allows students or parents to combine one or more of your federal education loans into a new loan that offers several advantages such as one monthly payment, flexible repayment options, or reduced monthly payments.  Before making a decision to consolidate your federal student loans, consider factors such as the affordability of your monthly payments, the number of payments you need to make to multiple lenders, the interest rates on each of your loans, and how much you are willing to pay over the long term.  Parent PLUS Loans cannot be consolidated with the student’s loans.