You won’t likely be able to consolidate a private student loan debt with federal loans.
Also, you cannot take out loans in another person’s name.
Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.
[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.
This means that you will know that the interest rate on your student loan cannot increase.
Another possible advantage of consolidation includes being able to take advantage of an alternate payment program that can be adjusted to accommodate your financial situation.
Resource: How Long Does it Take to Pay Off College Loans?
You may have to meet certain eligibility requirements before you are able to consolidate your loans.
If you put a lot of research into planning out your loan consolidation, you may be able to avoid some of the possible disadvantages.
Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
You also will typically need to have at least a certain amount in loans.
To consolidate, you should owe at least ,000 in student loan debt.