The repayment schedule when you consolidate student loans will depend on how much you owe, how long the terms of your loan are, and what your monthly income is. Even though your income level will change over the years, your monthly payment will not change. The interest rate will also not change. Once you consolidate student loans you will have to make monthly payments on time and consecutively. If you decide to go back to school or have economic hardship, you can ask for a deferment.

You do have some say in your repayment schedule. You can pay a larger amount each month so that the term of the loan is shorter. If you do not feel comfortable with your income level right now, you can opt for graduated loan repayment, which will start out lower for a few years and increase a little at a time so that you can find a better job or begin your career. You can also opt to pay the interest on the loan first and the principle later. Repayment schedules when you consolidate student loans will help you be able to make consistent monthly payments which will help build a solid credit history for other purchases you will want to make in your life.