You can also choose the repayment plan that best suits your financial circumstances. To consolidate under Direct Loans, you must have at least one Direct Loan or FFEL Program loan. If you consolidate while you're in school, you'll receive a grace period on your consolidation loan. Repayment on consolidation loans begins within 60 days of the first loan disbursement, which means your grace period will be cut short if you apply too early. If you have only FFEL Program loans, once you leave school you can consolidate them under Direct Loans only if you can't get an FFEL consolidation loan, or you can't get one with income-sensitive repayment terms acceptable to you.
Similar conditions apply to parents.
Parents must not have an adverse credit history or, if so, must either document extenuating circumstances or obtain an endorser for the loan who has no adverse credit history. You may not be an endorser for your parent. Both will be responsible for repayment of the loan, even if one spouse dies or they separate or divorce.