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To consolidate a defaulted loan, you must apply through Student You can submit your application online or through the mail after downloading and printing a paper application. Getting out of default is important if you want to qualify for certain federal repayment plans, borrow new loans to go back to school, or improve your credit rating.

(To learn more about the downsides to private consolidation loans, see Student Loan Consolidation: Federal Student Loans, Private Student Loans.) Avoid scammers who offer to “help” you. You don’t need to pay for help to get a Direct Consolidation Loan—the application process is simple, as well as free.

When you’re carrying a heavy debt load, it may be hard to stay on top of payments, especially if your debts are spread out across several different types of credit cards and loans.

If you’re looking for ways to make it easier to repay your debt, consider debt consolidation.

Avoid private consolidation loans for your federal student loans.

Banks and private lenders sometimes try to get student loan borrowers to consolidate their federal student loans into a private consolidation loan (or to combine both federal and private student loans into a new, private consolidation loan) by promising “one low easy payment.” But consolidating your federal loans into a private loan is almost always a bad move.

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