What about the Flipside-potential risks?
There are also reasons that you might rethink about consolidating your loans. If you consolidate high-interest loans with lower interest loans, you may pay a higher rate on average.  While monthly payments are cut lower, the total amount of repayment will end up higher because of all the interest piling up during a longer payment period.
 
Is it wise to consolidate?
Weighing the pros and cons, perhaps the best way to make your decision is to play with the numbers of your own loan. You can use the Federal Government’s Loan Calculator.
 
How to consolidate loans?
Step 1: Apply
You can apply online, via phone or by on paper at http://loanconsolidation.ed.gov/borrower/bapply.html.
 
Step 2: Provide your student loan information
You need to provide your student loan information along with your application.  You can contact the Borrower Tracking office of the Department of Education at 800-433-3243.
 
Step 3: Sign and return the application
You will sign the promissory note and return the application. You can either provide eSignature or send the paper application back to your consolidating lender. 
 
If you decide to consolidate keep in mind that the process generally takes 60-90 days. However as mentioned above using the online Web application can reduce the amount of time it takes to consolidate your loan. If you decide to consolidate fill out a request to add your additional loan(s) form, which can be found at: Federal Loan Consolidation.
 
Finally, remember that as a borrower you will receive monthly billing statements from the Direct Loan Servicing Center, unless you enroll in the Electronic Debit Account (EDA).
 
Tip: As a borrower, EDA is a financially sound decision since you will automatically receive a 0.25 percent discount on your interest rate for as long as you continue to make payments using EDA.

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