Consolidation Loans are helpful to graduates who have had more than one loan throughout school. During school exit counseling, students with loans are told about the benefits of Consolidation Loans, which may include improving credit scores and finances. Borrowers can lower their monthly loan payments, while combining many loans into one and locking in low interest rates. Consolidations Loans are also available to married couples, who can consolidate individual loans into one. If anything happens to one spouse, the other spouse is required to continue repayment for both parties. In order to make use of the benefits of Consolidation Loans, borrowers must complete and submit an application for a Consolidation Loan to one or more of their lenders. An acceptance from one lender is needed for the consolidation to take place. If the borrower does not receive an acceptance from any of the lenders, then the borrower needs to locate any participating lender involved in the Consolidation Loan Program that would be willing to seal the deal. Students can consolidate Subsidized Stafford Loans, Unsubsidized Stafford Loans, Perkins Loans, Parent PLUS Loans, Graduate PLUS Loans and Federal Direct Loans through The Government Student Loan Consolidation Program. The Lenders offer different repayment options when it comes to Consolidation Loans: standard, income-sensitive, and graduated. A borrower is expected to start paying within 60 days from consolidating. Repayment periods on Consolidation Loans may last from 10 to 30 years. It is highly advised to do research on Consolidation Loans and see how they can benefit you and your situation.