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Also, if you're already working toward federal loan forgiveness, consolidating loans may wipe out any credits you have already earned.Consolidating Perkins loans will disqualify you for forgiveness programs specific to those loans, but you can always leave them out of the consolidation process.While it sounds morbid, federal loans are also forgiven if the borrower dies.That means your estate or heirs don't have to pay back the debt.Choosing one could make your payments much more affordable.Any remaining debt after 20 or 25 years of on-time payments toward an income-driven plan will be forgiven, though you'll pay tax on that amount.

Variable interest rates may go up: Most refinance loans offer both variable and fixed interest rates.

Refinancing is credit-based, meaning your credit score is a primary factor in whether you qualify and the new interest rate you'll receive.

The lender will also take your income and current debt-to-income ratio into account.

Certain public service workers may qualify for loan forgiveness in just 10 years, tax-free.

Extending your payback period can be tempting, since it will reduce your monthly payment.

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That means the interest rate on your largest loan balance will have the biggest impact on your final rate. Consolidating federal loans comes with several unique benefits: No credit or income requirements: Anyone with federal student loans can get a consolidation loan.

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