Consider the amount of your monthly payments. You need to keep your payments manageable. The last thing you’ll need at this point is to default on the consolidation loan. If you have trouble making the payments now and you have run out of forbearance options you will need to investigate the different repayment plans available to you. Your monthly payment will vary depending on the type of loan consolidation you choose.
If you are willing to pay the consolidation loan over a long term similar to a mortgage you can reduce your monthly payments considerably be you will also pay more interest over the life of the loan. This does make sense in many cases when you factor in life issues such as career path and salary increases over time. If you choose a loan without prepay penalties you can pay down the loan by making payments applied directly to the principle.
Once you have examined the above issue and applied them to your scenario you need to start looking at the loan offers and benefits current lenders are offering. Check with the loan holders currently servicing your loans to see if they can offer terms and repayment plans that meet your needs better than a Direct Consolidation Loan..