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To a college grad swamped with multiple student loans that have come due, loan consolidation is an enticing option.When you consolidate, a lending institution pays off your existing balances and replaces them with a new, consolidated loan.

The key terms for federal consolidation loans do not vary by lender: no application or origination fees are allowed and there are no prepayment penalties.

Federal law sets the period of time for paying back the loans and sets a ceiling on the interest rate.

These loans are usually more difficult to get than federal loans because they are credit based or require a cosigner.

Note that this cosigner could be released after 24 on time payments.

Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.