Student Loan Consolidation
What is student loan consolidation?
This option allows students to consolidate multiple federal student loans with different repayment schedules into just one loan. This consolidation option allows for students just to make one monthly payment instead of multiple payments on multiple student loans.
When can a student Consolidate?
You can consolidate during your grace period, once you've entered repayment, or possible during deferment or forbearance. Please see deferment and forbearance section.
How do students consolidate loans?
FFEL Consolidation Loan - You (or your parents, for a FFEL PLUS Consolidation Loan) can contact the consolidation department of a participating lender for an application and more information. If the same FFEL loan holder holds all the loans you (or your parents) want to consolidate, usually you must obtain your consolidation loan from that holder.
Direct Consolidation Loan - You (or your parents, for a Direct PLUS Consolidation Loan) can contact the Direct Loan Origination Center 's Consolidation Department (see above).
Downsides to Loan Consolidation: