Loan consolidation can greatly simplify the costs for graduates and undergraduates by reducing multiple loan payments to one monthly payment with only one interest rate. The time period for repayment is extended, but because of an increased interest rate, the student can end up paying a lot more than each of the loans separately. However, consolidation can make payments more affordable on a monthly basis, especially for those students that have not yet found employment, which can be a daunting task in the current economy. Federal Direct Consolidation Loans can provide a variety of benefits for those wishing to have their federal loans lumped together into one lump sum. […]