You can consolidate all, just some, or even just one of your student loans.
You may consolidate with Direct Loans during grace periods, once you have entered repayment, or during periods of deferment or forbearance.Both spouses are jointly liable for the loan and both must request IBR.Problems often arise if the ex-spouses are no longer in contact.As you weigh the pros and cons, keep in mind that timing is critical.With just a few exceptions, you get only one chance to consolidate with the government loan programs.(see box below), You can consolidate during grace periods.This may lead to a lower interest rate on a Direct Consolidation loan, but only if you are consolidating variable rate loans. You will generally receive your first bills within 60 days after the new Direct Consolidation loan is made.Another common problem is that partial discharge of a joint consolidation loan under any of the discharge programs (other than death discharge) does not eliminate joint liability for the remaining balance.Further, borrowers with joint FFEL consolidation loans, according to the Department, may not reconsolidate into Direct Loans and therefore are not eligible for public service loan forgiveness. The fixed rate is based on the weighted average of the interest rates on the loans at the time of consolidation, rounded up to the nearest one-eighth of a percentage point.The interest rate must not exceed 8.25% for consolidation loans prior to July 2013.However, the interest rate may be greater than 8.25% if your consolidation application was received on or after July 1, 2013.