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While you can't consolidate federal and private student loans through a Direct consolidation loan, you can combine them through refinancing. A Direct consolidation loan comes from the federal government, and it's only available for federal loans.

For most federal student loan types, after you graduate, leave school, or drop below half-time enrollment, you have a six-month grace period (sometimes nine months for Perkins Loans) before you must begin making payments. This grace period gives you time to get financially settled and to select your repayment plan.

Because there's no credit check required, federal loan consolidation doesn't affect your credit score. Keep in mind, though, that there's no way to get a lower interest rate through the federal consolidation program.

Consolidation may cause you to lose borrower benefits such as interest rate discounts, principal rebates, or some loan cancellation benefits associated with your current loans.

If you have a federal loan, you are eligible for loan consolidation after you have graduated or left school and have begun making payments. Students who have defaulted on their loans may need to cure the default first. The federal student aid website offers help for students who have defaulted on their loans.

Consolidated loans can still be forgivenif they are federal loans. There are many reasons someone might consolidate their student loans, including to bring all of your loans under one servicer so your monthly payments are streamlined into a single bill.

It's a good idea if you have an assortment of loans that add up to more than $10,000 and you're having trouble keeping track of them. You can consolidate any federal loans you have after graduating into a single federal direct consolidation loan. You can also consolidate privately by refinancing student loans.