Use the student loan consolidation calculator to see if consolidating your loans into one Direct federal student loan will benefit you.
It is possible to consolidate federal loans if your loan status is in its grace period, already in repayment (although you will lose any benefits from having already made some payments), in deferment, and even (with some conditions) in default.
You cannot consolidate any loans that are still in an in-school status.
The interest rate for this calculator (using a weighted formula) will only apply if it is less than 8.25%, because federal student loan consolidation is capped at that rate.
From July 1, 2010 to June 30, 2012, FFELP borrowers can use Direct loans consolidation at a reduced rate.
Enter the number of loans you wish to include for consolidation and click, "Go". You will then need to supply the amounts and interest rates to get your new loan rate.
The consolidation interest rate might be lower than on one or more loans, but this does not mean that consolidation is the right move, for instance- some loans have the interest deferred when they are in a loan deferment status, but they will lose this benefit if they are consolidated.
The student loan consolidation calculator allows you to check different combinations of loans to include- you are not required to consolidate all of them- to see which if any will help you the most.