Great Lakes has long serviced federal student loans and helped borrowers consolidate multiple loans into a single repayment. Consolidation simplifies payments and can change eligibility for repayment plans and forgiveness programs, so borrowers should compare trade-offs before proceeding.
Federal Direct Consolidation combines federal student loans into one loan with a weighted-average fixed rate and up to a 30-year term. Nelnet may service consolidated loans, but private loans cannot be rolled into a federal consolidation - private refinance is a separate product.
Reconsolidation combines multiple student loans into one payment. It can simplify finances and lower monthly bills, but may cost protections like federal repayment plans or forgiveness.