If you are a graduate student or a parent that has multiple plus student loans then you may be eligible for a plus loan consolidation. A plus loan consolidation allows you to save money by bundling multiple plus loans into one, so you only have one low monthly payment. Consolidated loans also have more favorable terms with lower fixed interest rates.In order to become eligible for a plus loan consolidation, you must complete a student loan consolidation application that is provided by your student loan lender. This application will take into account your current financial situation and all outstanding student loans that are in repayment status. Students must also no longer be enrolled in their program of study in order to apply for a loan consolidation.Once the graduate student or parent has been approved for a plus loan consolidation, their consolidated loan will have a fixed interest rate. This fixed interest rate means that the monthly payments can’t fluctuate throughout the life of the loan. This is very beneficial for the borrower, since he or she will know the exact repayment amounts. Borrowers that don’t decide to consolidate their plus loan will carry a variable rate, which means that there is a chance that their monthly payments will fluctuate. If rates increase then the borrower’s monthly payments will also increase to cover for the additional interest rate fees.Borrowers that are considering a consolidation need to realize that once they’ve completed the consolidation process, they will not be able to complete another consolidation with the same loans in the future. This means that if interest rates become lower in the future, the borrower will not be able to take advantage of additional cost savings. It also means that the borrower will not be able to include any new student loans that are obtained after the consolidation has taken place.