Federal student loan consolidation is a fixed-rate refinancing program that combines all of your existing federal student loans into one new loan.

During deferment, interest will continue to accrue.

At the end of a deferment period, any unpaid interest will be added to your principal balance.

This may increase the amount of your monthly payments and the total cost of your loan(s).

Learn More A repayment period is the period of time during which scheduled payments are required to be made to repay the principal balance and interest on a loan.

Your repayment period is 15 years after the deferment period ends.

You can make payments anytime to help reduce the overall cost of your loan and there is never a penalty for prepaying.If you're not receiving monthly billing statements, we will send you quarterly statements showing you how much interest is accruing and how to make optional payments while you are in school. Students with no credit history or a low credit score may find it difficult to qualify for a private student loan on their own.Students have the option to apply for a Discover student loan with a cosigner Doing your homework has its rewards.Get at least a 3.0 GPA (or equivalent) and receive a one-time cash reward of 1% of the loan amount of each new Discover student loan (applicable for eligible loan applications submitted on or after May 1, 2014). Learn More Get a 0.25% interest rate reduction when you are enrolled in automatic payments during repayment.To enroll for automatic payments, complete the enrollment form online or call us at 1-800-STUDENT to request a copy of the enrollment form, complete it and mail it back to the address on the form.