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A lower monthly payment means paying the loan over a longer period of time – in turn, the loan costs you more money since you’ll also pay interest longer.
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When you choose to consolidate your federal student loans, the government will combine all your separate loans into a single new loan, known as a Direct Consolidation Loan.
Most federal student loans are eligible for consolidation, including subsidized and unsubsidized Direct Loans, subsidized and unsubsidized Federal Stafford Loans, Direct PLUS Loans, Supplemental Loans for Students (SLS), Federal Nursing Loans, and Health Education Assistance Loans.
However, federal consolidation doesn’t result in a better interest rate.