Can I lower my student loan interest by consolidating the loans?

Q: Can I lower my student loan interest by consolidating the loans?

A: If your federal loan predates July 1, 2006, it’s likely it has a variable interest rate, which means you can probably get that rate lowered now. Consolidating loans issued after that date may not save you as much money on interest payments, however.

Consolidating several of your student loans can help you manage your debt because you only need to keep track of a single monthly payment. You can also extend the repayment period.

Keep in mind that if you take out a private student loan to consolidate federal loans, you will lose access to the borrower protections built into those loans, such as unemployment deferments.