The lender's approval process may take longer due to additional documents being requested.Consolidating your student loans can not only simplify your finances by allowing you to make just one payment each month, but it can also lower your monthly payment by lengthening your repayment term.
You must wait until after your graduation date to consolidate loans through the Direct consolidation program.
The one exception to this rule is that between July 1, 2010, and July 1, 2011, borrowers could consolidate two or more loans if they fell into at least two of three major categories: Direct Loans, FFEL loans and FFEL loans bought by the federal government.
The second type of loan is a loan through the Federal Family Education Loan program.
This is a Stafford or PLUS loan issued with funds from Sallie Mae but backed by the federal government. You can only consolidate Sallie Mae loans issued through the FFEL program into a Direct loan.
Lenders may be forgiving if you contact them directly, though some may automatically add a fee if it is in their agreement.