Though there are no deadlines in federal loan consolidation programs, there are certain things to keep in mind:

• Your loans have to be fully disbursed to be eligible for Federal Consolidation Loan program.

• You are no longer enrolled in school.

• You are actively repaying your loan (including deferment or forbearance), or are in your six-month post-graduate grace period.

• Your minimum consolidated loan amount is $10,000.

The best time to go for student loan debt consolidation of your federal student loans is when you still are in your grace period, because of the in-school lower rate of interest.

Every student has his or her reasons for going in for student loan debt consolidation, and so would you. Look at some of the reasons why you should go for student loan debt consolidation of your federal student loans:

• Fixed rates of interest

• Lower monthly payments

• Payment incentives that saves you money

• Single payment each month in place of multiple payments to different loan issuers.

• New or renewed deferments

You will need the following information when applying for your student loan debt consolidation of your federal student loans:

• The balances and interest rates of your current eligible federal student loans.

• The names and addresses of the companies that hold or service your federal student loans. These are the companies that handle billing, collections, deferments, etc. of your federal student loans.

• The names and addresses of two personal references in the United States.

Student loan debt consolidation of federal student loans have a fixed rate of interest. The fixed rate is calculated by the weighted average of the interest rates of the individual loans being consolidated. These are rounded up to the nearest 1/8 of a percent, up to the maximum of 8.25 percent.