"'They don't expect to finish their work as early as they thought they were, so the window to apply to consolidate into the [direct loan] program has now been extended a little bit as well,' McCarthy says."

... "Confirm which types of loans you have before attempting to consolidate."

"'The really challenging part for some borrowers is the first step in identifying all of the loans that you want to be included in the consolidation and who those loan holders are,' McCarthy says."

... "The loans you consolidate will be paid off and replaced with a single 'direct consolidation loan.' The Education Department says most consolidation loans are disbursed to borrowers within 60 days of applying."

"'It does take a little bit of time for the consolidation to go through,' McCarthy says. 'Make sure that you understand that it will take some time, because the Department of Ed is literally paying off your previous loans.'"

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