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Top will let you know when the first payment is due.

If any of the loans you want to consolidate are still in the grace period, you have the option of indicating on your Direct Consolidation Loan application that you want the servicer that is processing your application to delay the consolidation of your loans until closer to the grace period end date.

For instance, a home equity loan will net you much better terms because it’s less risky for the lender.

Also, some lenders have tailored loans for people with bad credit, which may or may not require collateral.

Personal loans are a popular tool for consolidating and eliminating high interest credit card debt.

Just like credit cards, these personal loans don’t require collateral — they are unsecured.

In 2018, the trend toward a streamlined lending process, better interest rates and more transparent lending criteria will continue.

Unless the loans you want to consolidate are in a deferment, forbearance, or grace period, it’s important for you to continue making payments on those loans until your consolidation servicer tells you that they have been paid off by your new Direct Consolidation Loan.

top This depends on where you are in the consolidation process.

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

If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan.

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