These include deferment, forbearance, cancellation, and affordable repayment rights.Also, federal consolidation loans generally have lower interest rates.
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The good news is that the Department explains on its web site that if any loan you want to consolidate is still in the grace period, you can delay entering repayment on your new Direct Consolidation Loan until closer to your grace period end date.
You can indicate this when you apply, and the consolidation servicer will wait to process your application until the appropriate time.
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.