One of the biggest mistakes a student or graduate can make is defaulting on their federal student loans. Doing this can haunt you well into your life as a professional, sometimes with major consequences. ACS student loan consolidation can help you sift through all of your student loan debt so that you can relax and worry a little less.

In the event that your loans are so bad that even doing the math sends your head spinning, ACS student loan consolidation can be just what you need. This program can simplify all of your loans, consolidating them into only one or two loans.

If you are nearing default on your student loans, you should give serious thought to consolidation. Defaulted loans can have serious and long lasting effects on your finances and credit, and these effects can persist long after you graduate.

Once you have defaulted, using Administrative Wage Garnishment, the government is able to force your employer to deduct fifteen percent of your gross earnings to repay the loan. In addition to this, the United States Treasury Department can also take some or all of your tax refunds to offset this debt. These consequences are dire enough, but you must also consider the damage defaulting will do to your credit report. Negative credit reports can prevent you from being able to make major purchases, as well as in some cases hindering job application and rental application processes.

You can apply for ACS student loan consolidation via their website, and even use the site to pay and manage your loans. The method used to pay your loans on the site is called ExpressPay. The entire consolidation process is paperless, with all documents signed using only an electronic signature.

There are three types of ACS student loan consolidation programs that student debtors may apply for. There is the STAFFORD loan, which is for undergraduate students who are obtaining the loan for themselves. The PARENT PLUS is for parents or guardians who are taking out a loan on behalf of the students. The GRADUATE PLUS loan, meanwhile, is for graduate and professional students who are obtaining the loan on their behalf.

The ACS student loan consolidation programs combine all federal student loans that are applicable into one new loan, repayable monthly on the website. A debt consolidation loan can reduce your monthly expenses by combining loans so that there is only one interest payment. These consolidation loans can reduce your monthly repayments by up to forty percent, depending on the balance of your loans. The repayment term of these loans is also flexible, and can be stretched out over as much as thirty years.

The federal loans that are eligible for loan consolidation include (a) Federal Subsidized and Unsubsidized Stafford Loans, (b) Federal Direct Loans, (c) Federal Parent Loans (PLUS), (d) Federal Grad PLUS Loans, (e) Federal Direct Grad PLUS Loans, (f) Supplemental Loans for Students (SLS), (g) Federal Perkins Loans, (h) Federally Insured Student Loans (FISL) (i) Health Professions Student Loans (HPSL), and (j) Federal Nursing Loans.

ACS services both the FFEL and CBSL loan programs, but because the two types are different debtors need to consolidate their total debt into two loans if they have both types of loans. FFEL loans are made up of Stafford Loans, PLUS Loans, and Consolidated Loans, while HPSL loans are comprised of Nursing Loans, Health Loans, and Federal Perkins Loans.

Taking a federal loan does, however, have its drawbacks. By taking out a longer term loan, you will end up paying considerably more interest over the life of the loan. If you have borrowed a Federal Perkins Loan, you may even lose your ability to cancel debt in some full-time occupations like teaching, military or peace corps service, or public service. Don't let this stop you from consolidating loans, however, as consolidation is always a better option than defaulting.