If you’re having a tough time juggling multiple student loan payments, consolidating them may be the way to go. If you have questions about consolidation before you apply, you can contact the Education Department’s Loan Consolidation Information Call Center at 1-800-557-7392.
Consolidating your student loans means combining several loans into a single loan, meaning all those monthly payments get rolled into one. A Direct consolidation loan allows you to consolidate multiple federal education loans into a single loan so you’ll have a single loan payment to make each month, instead of three or four or more.
In these loans the payback period is normally 15-30 days or weeks.
These are loans which involve low income for a shorter time of period.
However, FFEL Program loans are not eligible for Public Service Loan Forgiveness or the best income-driven repayment plans. It will effectively convert your FFEL Program loans into Direct Loans.