What is meant by Federal Student Loan Consolidation?
The principal benefit of consolidating a federal school loans is "payment relief." Clearly, by combining all of the student loans into one consolidated loan, a person can lengthen their repayment term from the standard 10 years to up to 30 years, depending on the amount of one's education debts.
Thus, with a lower monthly payment, more money would be available to meet other living expenses, including car payments, housing expenses, and other necessities. Since there are no penalties for overpayment, one can make larger payments and reduce the repayment term when it becomes affordable.