Default can have several immediate negative consequences and a long-lasting negative effect on your financial future.If your monthly payments are more than your current financial situation will permit, help is available.

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Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks.

Along with gaining a new degree, many graduates will also leave campus with new student loan payments they'll have to fit into their post-graduate budgets.

Here's what you need to know before deciding to consolidate student loans.

Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.

It is possible that Nelnet owns your student loan, although we also act as a student loan servicer (provide customer service for loans on behalf of many other lenders).

Get the details on all of your student loans (ones with Nelnet and with other customer service providers) online through the Department of Education's National Student Loan Data System (NSLDS) at gov.Some differences include repayment plans, borrower benefits (for example, an interest rate reduction for making on-time payments), loan forgiveness programs, and interest rates.The primary difference between the two loan programs is that the Department of Education originates loans under the FDLP and private lending institutions originated loans under the FFELP.Please contact your loan holder, servicer, or TG immediately to learn about your options and avoid the consequences of default.Here are some answers to frequently asked questions.Under each of your loan groups, review the Loan Type.