Most will need a consolidation direct federal loan student since managing a number of student loans is quite tough on a fresher's salary.

Most of these loans repayment plans are designed keeping in mind your potential salary which you might get after four to five years of passing out.

In case you are finding it difficult to pay back and manage your numerous loans, then applying for a student loan consolidation is a good option.

Student consolidation loans can be broadly divided into two ---Direct Loan Consolidations and FFEL Consolidation Loans.

While Direct Federal Student Loan Consolidations are offered by US Department of Education, FFEL consolidation loans are offered by lending agencies and banks etc.

There are three types of Federal Direct Consolidation Loans for Students:

Direct Subsidized Consolidation Loans

Direct Unsubsidized Consolidation Loans

Direct PLUS Consolidation Loans.

If your student loans fall within any or all of these categories, then you can avail of one single consolidation loan.

Federal consolidations can help you get your finances in order by simplifying your loan repayment options to a large extent.

This is because any federal loan consolidation scheme lets you club all your student loans together. So you are left with just one single installment to be paid per month and this too comes with a non flexible interest rate.

The interest rate of your consolidation loan is determined as the average of the interest rates of all your outstanding loans that you are getting consolidated.

It is a fixed rate of interest and can go only up to a maximum of 8.25% only. You can get your student loans consolidated even if you have already defaulted on some of your loan payments, provided you are able to meet certain eligibility criteria.

In case you want to avail of a consolidation direct federal loan student, then you can contact the Direct Loan Origination Center's Consolidation Department in order to find out more about it.

If you want to avail an FFEL loan, then the agency granting you the loan should be able to furnish you with detailed information about availing the loan.