In order to calculate your prospective interest rate, use this step-by-step formula provided by Edvisors.Once your loans are consolidated into one payment, you retain the fixed interest rate for the life of your loan.Borrowers interested in consolidating their federal student loans can apply for a Direct Consolidation Loan through Student

Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one!

Consolidating allows you to merge multiple eligible loans into a single loan.

By MELANIE LOCKERTIf you're a student loan borrower in the U.

S., you may be feeling the pinch of paying back your student loans.

Before you consolidate, consider the following pros and cons: Note: Just remember, you must continue making payments after submitting your application until you receive notice from your servicer that underlying loans have been paid off.

You have the option to select the servicer of your choice (of which, Nelnet is an option) After your new Direct Consolidation Loan is complete, you may still add more eligible loans to your existing consolidation.

As previously mentioned, consolidation is only for federal student loans.

In addition, your interest rate won't necessarily be lower -- it will simply be the weighted average of all your interest rates.

If you would like to add other eligible loans, your servicer must receive your Request to Add Loans Form within 180 days from the date your Direct Consolidation Loan is completed (originated).

If you choose Nelnet to originate and service your Direct Consolidation Loan, you may request to add other eligible loans to it by completing the Request to Add Loans Form and send it to Nelnet via email Direct Loan [email protected], fax (402.858.3929), or mail to: Nelnet P.

However, both options have pros and cons that should be taken into consideration.