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At the end, you have two Direct Consolidation loans. This process could take up to 90 days.

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.

To consolidate loans, a borrower must apply online or by mail. If you've decided consolidation is right for you, log in and complete your free application.

A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment instead of multiple payments. Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs.

Consolidating your federal loans is a strategic move to help you manage your debt. If your repayment term is extended, your monthly payment will be lower but you'll pay more interest over time.

It can be overwhelming and confusing to have many payments to a bunch of loan providers, so it can simplify things to concentrate on a single loan payment. Consolidating your student loans also won't affect your credit score much. Federal consolidation doesn't incur a credit check, so it won't hurt your credit score.

To access StudentAid.gov: Go to StudentAid.gov....At StudentAid.gov, you can find: Your student loan amounts and balances. Your loan servicer(s) and their contact information. Your interest rates. Your current loan status (in repayment, in default, etc.)

When loans are consolidated, any unpaid interest capitalizes. This means your unpaid interest is added to your principal balance. The combined amount will be your new loan's principal balance. You'll then pay interest on the new, higher principal balance.

Reach out to your loan servicer to check the status of your application. Your application takes about 60-90 days from the date it was submitted to be processed. To find out who your loan servicer is, log in and visit your account dashboard and scroll down to the My Loan Servicers section.

A Direct Consolidation Loan allows you to consolidate (combine) multiple federal education loans into one loan. The result is a single monthly payment instead of multiple payments. Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs.