Once you are out of default, you can also choose one of the income-driven repayment plans.
You should consider the pros and cons of consolidation before making this choice.
Another advantage to the federal loan consolidation process is that anybody can do it. The downside is that consolidating your federal loans doesn’t actually lower your interest rate. Another downside is that you can’t pick the federal loan servicer that handles your new consolidated loan.
You could end up with Navient again, or you could end up with another company that ends up being worse.
You will no longer be listed as currently in default on your credit records, and no longer subject to tax intercepts, garnishments, or other collection efforts.Absent an act of Congress, this financial move is not possible.