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You should continue making loan payments until the servicer you're working with says your original loans are paid off and disburses your new consolidation loan.You'll choose the repayment plan for your Direct Consolidation Loan when you apply for consolidation.However, placing your loan in a forbearance or deferment will increase the overall cost of your loan.When you consolidate your federal loans, you'll choose a new loan servicer.
For example, you could choose between a 5-year loan or a 20-year loan and the corresponding monthly payments.
If you do it yourself, consolidating your federal student loans is free.
The Department of Education (ED) says that the online application process takes most people less than 30 minutes to complete.
However, some people hire a company or student loan expert to guide them through the process.
You can apply for federal loan consolidation online at Student or mail in a paper application.
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Because consolidation results in a new loan, the forbearance and deferment limits are reset by the process.