When you "consolidate" your federal student loans, you combine them into one loan and then make one monthly payment to one loan servicer. The document below offers some general information about Loan Consolidation.
If you decide you would like to consolidate your loans, you would need to apply for loan consolidation and choose a repayment plan that will best work for you. For more information about loan consolidation, visit the Direct Loan Consolidation website.
Click on the link to learn more about the new Special Direct Consolidation Loan offered by the federal government. For your convenience, there is a comparison chart offered in the link which reflects the benefits of the regular Direct Loan Consolidation and the benefits of the Special Direct Consolidation loan. The opportunity for the Special Direct Consolidation Loan ends June 30, 2012.