consolidation

ADVANTAGES TO GOVERNMENT STUDENT LOAN CONSOLIDATION
By consolidating your loans, you will likely have a lower monthly payment. The federal interest rate is likely to be lower than the combined interest of your original loans. When you consolidate, you also have the opportunity to pay the loans back over an extended period of time, which will result in lower monthly payments.
Borrowers can choose from four different payment plans, including an extended payment plan that can extend up to 30 years, depending on the amount that is owed.
If you consolidate your loans, you only have to make one convenient monthly payment.
There's no fee for consolidating your government student loans.
There's no credit check when you consolidate your government student loans.
There's no penalty for paying the loan off early.
The loan application process is much simpler than it is for other kinds of loans.
DISADVANTAGES TO GOVERNMENT STUDENT LOAN CONSOLIDATION
If you take an extended payment plan, you will you pay more interest in the long run. If your loan is large, this could cost you thousands of dollars and have a negative impact on your financial future.
It's possible that the consolidated student loan rate will be higher than the interest rates on your other loans. If this is the case, consolidation is not to your advantage.
If you consolidate your loans during the six month grace period after graduation, you lose the remainder of the grace period.
If you've already paid off a large chunk of your student loans, consolidation may not be worth the money or effort.
Borrowers with a Perkins loan forfeit the special benefits that come with this kind of loan if they consolidate.
If the consolidated loan is deferred when the borrower is in graduate or professional school, interest will continue to accumulate on the consolidated loan. This is not the case with deferred student loans that are not consolidated.