Consolidating student loans can relieve you from your nightmares. It makes your your student life easier and simpler to let you concentrate on your studies. By consolidating your student debts the multiple payments you make each month to different companies can become one smaller payment.
You will pay less every month although usually for a longer period. Where do I start? You will probably have many outstanding loans at variable interest rates. During the consolidation process, all loans will be paid off by the consolidation loan, charged at a single fixed rate for the entire period of the loan.
The student loan consolidation rate is calculated as an average interest rate based on flexible loan rates.
The repayment period can be anything from 10 to 30 years, depending on the amount you owe. Before agreeing to any offers, make sure you know and understand all the details. Which student loans can be consolidated? The following are examples of student loans which can be consolidated:
1. Subsidized federal student loans.
2. Unsubsidized federal student loans.
3. All federal direct lending student loans.
4. Federally insured loans for students.
5. Student loans for health education assistance.
6. Private Student loan taken from any authorized financial institution.
7. Federal supplementary loans for students.
8. Federal nursing student loan. This list is not at all exhaustive and there are other types of student loans which can also be consolidated. Contact the financial institutions for further details and criteria for eligibilty Are you eligible for consolidation?

1. If you are in a grace period, forbearance or deferment on all loans are being consolidated.
2. If your repayment arrangements are satisfactory with your defaulted loan holder. 3. You have to agree with an income sensitive repayment schedule on consolidation of your loans. What if I'm not eligible? If you don't fall into the above catagories, don’t worry. Although you may not be eligible for federal loan consolidation, you may be eligible for private student loan consolidation. You will have to certify that you do not have another federal loan consolidation application pending and that your current lender does not have the provision of loan consolidation.