If you have several federal loans and are having a problem meeting your obligations you might wish to investigate Loan Consolidation. When you consolidate you take all of your federal loans and make them into one loan with one payment. There are two sides to consolidation:  Although you will be only making one payment, you will be paying a higher interest rate and your payment period will probably be longer. You must have entered your grace period or be in repayment to qualify. Application for consolidation, usually with Sallie Mae is done through your bank. You can only consolidate one time. If you are contemplating an advanced degree or transferring to another school, you might want to wait until you know what your total monthly loan payments will be. Married couples can bundle all of their eligible federal loans together and consolidate as a unit. This information is not to be construed as a complete guide to consolidation. For full information, please contact your bank or the financial institution holding your loan note. Federal Perkins Loan offices participate in but do not generate consolidation.

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