But it’s only for federal loans, and it won’t cut your interest rate.
Consider federal consolidation if you: When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
Allow yourself enough time to consolidate student loans at Sallie Mae.
Make sure you plan enough time to have a 1 to 2 month period for your loan consolidation application to go through.
» MORE: Find Your Federal Student Loan Consolidation Interest Rate Additionally, you’ll get a new loan term ranging from 10 to 30 years.