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Debt consolidation loan Banks, credit unions, and installment loan lenders may offer debt consolidation loans. These loans convert many of your debts into one loan payment, simplifying how many payments you have to make. These offers also might be for lower interest rates than what you're currently paying.

The entire process typically takes between four and six weeks from the date your application is received.

You can check your Direct Consolidation Loan application status on your StudentAid.gov account Dashboard and My Activity page. Note: Processing takes about six weeks from the date applications are submitted.

You can check your Direct Consolidation Loan application status on your StudentAid.gov account Dashboard and My Activity page. Note: Processing takes about six weeks from the date applications are submitted.

Cons of Student Loan Consolidation Pay more in interest over time. If you consolidate and extend the loan term, you could pay a lot more in interest. ... Rounded-up interest rate. ... No private loan consolidation. ... Lose some benefits. ... Lost ?grace? period. ... Lender benefits gone. ... No do overs.

The application process to consolidate defaulted federal student loans may take only a few minutes, but it can take between four and six weeks to complete the consolidation process. And if you want to make three payments before you start the process, you'll need to tack on an extra three months to your timeline.

The process may take no more than a few days if you have everything ready to go. And once you submit an application, it may be only a week or two before your debt is consolidated and you're making payments to your new lender.

If you consolidate loans other than Direct Loans, consolidation may give you access to forgiveness options, such as income-driven repayment or Public Service Loan Forgiveness (PSLF). If you consolidate, you'll be able to switch any variable-rate loans you have to a fixed interest rate.

Most federal student loans, including the following, are eligible for consolidation: Subsidized Federal Stafford Loans. Unsubsidized and Nonsubsidized Federal Stafford Loans.

There are also some downsides to debt consolidation that you should consider before taking out a loan. It won't solve financial problems on its own.There may be up-front costs.You may pay a higher rate.Missing payments will set you back even further.