Loan consolidation is a boon to those borrowers from families with low income and in Public service. This program is applicable under the IBR plan that has your single lender pay off your old educate debts and takes out a new loan for you to pay off with ease. To be eligible for debt consolidation, you have to be out of college or maintain less than part-time status. You must be in the repayment term period on your education loans with a good financial standing. If you meet certain criteria, you can avail consolidation of loans even if you have defaulted. Federal subsidized and unsubsidized loans under Direct, Stafford, Direct PLUS, and Perkins can be consolidated for students. Speak to our experts.