Consolidating student loans from several lenders
Direct Unsubsidized: Loans for students who do not demonstrate financial need.You pay the interest on the loan without help from the Department of Education.If you want to work towards loan forgiveness, be careful.Including certain loans, such as the Parents PLUS loan, may make you ineligible.Something important to remember, though, is that you have the option to extend the term of your loans.This helps with lowering your monthly payment amount.
You will have to complete an additional plan request form for the plan you choose. After signing and submitting it, it generally takes about 2 months for the new consolidated loan to be disbursed.
Repayment generally starts 6 months after graduation.
During deferment, interest doesn't accrue on Direct or Stafford Subsidized Loans, Perkins Loans, and the subsidized part of Direct Consolidation and FFEL loans. You can choose to pay the interest only during the deferment or have it added back to the balance of the loan.
You can do this before applying for the consolidation loan.
Why consolidation might be better: If you only have Federal student loans, and if you're struggling with your monthly payments, federal loan consolidation might be the better option for you.