Additionally, you’ll get a new loan term ranging from 10 to 30 years.

Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.

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When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.

So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.

You have to complete the application in a single session, so do your research before you start.

When you’re ready, go to studentloans.gov, log in, and follow these steps to apply: You can consolidate all your federal loans or just some of them.

You’re generally eligible once you graduate, leave school or drop below half-time enrollment.

Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.

Approval takes only a few minutes or less and you have the option to cancel your loan in the first 24 hours so keep that in mind if you have another financial option.

Although you can't qualify for an additional loan while you're paying off the first, you can apply the very next day after you make your last payment.

However, Net Credit can only lend to you if you live in one of a few participating states: Alabama, California, Delaware, Idaho, Missouri, New Mexico, South Dakota, Utah, Virginia or Wisconsin. Faxed documents are not required by Net Credit, so don't worry about finding and using a fax machine.

All of the personal information you provide online is safe from identity theft, as Net Credit employs encryption software on the site. Instead of waiting days for your loan, Net Credit will deposit your cash by the next business day directly into your checking account.

Although only 10 states are eligible, a short approval time, decent APR rates and trustworthy customer service make Net Credit a good choice for finding an online personal loan.