What happens after you consolidate a federal student loan?
When you include a Federal student loan into debt consolidation?
What is the benefit of consolidating a federal student loan?
You lower your monthly payments, you can combine loans from multiple lenders into one loan, and more importantly you lock in a lower interest rate for the life of your loan.
You generally consolidate once your in-school deferment status expires. You can consolidate earlier if the interest rates are increasing (around May) and then reapply for in-school deferment once the consolidation process has been completed.
Reply:it makes a lower monthly bill...if you have multiple student loans through different lenders and are having trouble keeping up this is a good option to stay out of defaultment.
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