You have the option of consolidating your student loans during your grace period and taking advantage of the 6/10th of a percent rate discount during your grace period. It is important to remember that when you consolidate your loan during your grace period, your loan will immediately enter repayment. In order to receive the grace period rate on your Consolidation loan, you should submit your application at least 60 days before your grace period expires. You can submit it sooner, as well as entering a Grace End Date on the application and ScholarPoint will hold your application until the appropriate time.