There are three primary types of school loans: private loans, parent loans, and federal student loans. Every type of loan has a particular application process and claims a special eligibility. Normally, school loans come in students’ mind when they have exhausted other resources such as scholarships and financial help. Most of them will apply federal school loans as they intend to apply for financial help. The questions may look as what the features of federal student loan consolidation are and how this type of loan works.Every student applying for school loans will be asked to fill out the application at the same time in order that those ineligible for financial aid will still have the choice of taking money through a government-funded loan. Federal school loans are treated by the Department of Education.In addition, federal student loans are provided to help students on a demand basis from the government. It is better for them to fill out a Federal application for student financial aid form, which automatically puts a student in consolidation for federal assistance.If you require a student loan through the government, you are eligible for the very well-known Stafford loan. This loan has two different types. There is a bit difference in these sub-types as subsidized loans do not charge or build any interest until the time you begin to repay them. This sub-type of federal loan often begins assembling interest from the time the school loan is demanded. Provided that students are going to an eligible school on a part or full-time ground, they are eligible for this sort of loan. A subsidized Stafford loan is underwritten by the government and gets on a need basis. It does not have to be paid back. On the other hand, a non subsidized Stafford loan is underwritten by the government, but it must be paid off when the student completes school.Then what are the advantages and disadvantages of consolidating your federal student loans? This question depends partly on how much you owe, how much you have already repaid, and other personal financial variables.As a matter of fact, consolidating the loans offers you the low student loan consolidation interest rates and variable repayment options. When you consolidate, you also possess the opportunity to pay the loans back over an increased period of time, which will lead to lower monthly payments. More productively, there is no fee and no credit check when you consolidate your government student loans. To add on, there is no punishment for paying the loan off early and the loan application process is much simpler than it is for other kinds of loans.Despite of the advantages indicated above, there are some cons that you should take in consideration on consolidating this kind of loan. If you get an extended payment plan, you will pay more interest in the end. If your loan is large, this could cost you thousands of dollars and have a negative impact on your financial future. Furthermore, it is possible that the student loan consolidation rate will be higher than the interest rates on your other loans. Thence in this case, consolidation is not to your advantage.Also, you should remember the fact that if you consolidate your loans during the six month grace period after graduation, you miss the remainder of the grace period. If you’ve already paid off a large amount of your student loans, consolidation may not be worth the money or effort.In short, both private loaners and the government similar are wishing to ensure that students get the chance to take advantage of the chance to receive a college education. With the low student loan consolidation interest rates and government protection on these loans, there is not a superior way to consolidate than through a federal student loan.