If you want to proceed with completing a paper version of the Federal Direct Consolidation Loan Application and Promissory Note, you will use the documents below.

If you have questions about consolidating your federal education loans before you apply, you can also contact the Loan Consolidation Information Call Center at 1-800-557-7392.

If you prefer, you may complete an electronic version of the Federal Direct Consolidation Loan Application and Promissory Note by signing in to Student

Once the consolidation is complete, you will have a single monthly payment on the new Direct Consolidation Loan instead of multiple monthly payments on the loans you consolidated.

More Direct Consolidation Loan information is available on Student

It also means if you're a new grad with little credit history, you might need a co-signer to be eligible.

If a co-signer is necessary, O'Connor says borrowers should ask if there's a co-signer release option after a certain period of time."With (our student loan program), if the borrower makes 12 months of on-time principal and interest payments, they can request to release the co-signer," he says.

If your current servicer is listed, you may choose to keep your current servicer for your new Direct Consolidation Loan, or you may choose a different servicer.

Note: You will use the Repayment Plan Request form to choose the Standard, Extended, or Graduated repayment plan.

Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks.