Nearly any federal loan can be consolidated, but private loans cannot be consolidated using federal guidelines.However, private loan consolidation can be obtained.However, some borrowers can qualify for the government's Extended Repayment Plan.Borrowers who consolidate student loans through the Federal Consolidation Loan Program can refinance one or multiple student loans into one new fixed-rate loan.Interest rates are fixed for the life of the student loan.
Anyone with eligible Federal Student Loans can get a Federal Consolidation Loan, and can do so without paying loan fees.
Borrowers may have only one Federal Consolidation Loan application in process at a time, and the loans must be in good standing, not in default.
The borrower's loans must also be in a grace period, deferment, forbearance or repayment status at the time of application.
The standard plan involves fixed monthly payments for up to 10 years.
The extended plan allows borrowers to extend the length of a loan up to 30 years, but each lender's repayment terms will vary, often depending upon the balances of your loans.