By consolidating before the end of the last semester enrolled, the student will ensure that their six-month grace period is preserved, and the lowest possible interest rate is secured. You may also apply online for a Direct Consolidation Loan, or download and print a paper application from that site. The brochure will answer some of your questions and ask you to provide enough information about your loans so that you can receive a calculation of your projected loan payments for three types of repayment plans. After you complete and submit the packet, it generally takes 90 days to complete the consolidation process. The result is a letter informing you that you have a Federal Direct Consolidation Loan.
Convenience is the most popular reason to consolidate.