You are eligible for consolidating federal student loans while:

1.You are no more enrolled in college.
2.You should be in a “grace period” or be actively paying your loan back.
3.A lot of consolidation firms require a minimal loan amount, actually, $10,000 is typical.

Federal student loans provide benefits over private loans. For instance, interest on your loan can be tax deductable, the student loan can be forgiven for particular kinds of service, plus you can postpone payments on your federal loan in case you return to college.

Private loans do not have these benefits – they are loans secured or unsecured, plus you need to repay like any other student loan.