It atually depends.

You may consolidate an already consolidated loan under the FFEL Consolidation Loan Program if you have at least one other running (in repayment) loan to submit as part of the new loan. It may be something recent or a loan that was not included in your first consolidation. Both FFEL Program and Direct Consolidation loans are eligible for FFEL Program re-consolidation loans. Its always best to contact your lender for more information.

On consolidation your new repayment will depend on four important aspects. They are

the amount being consolidated,

the length of time for repayment of loan (usually this varies from 10-30years),

the interest rate of the consolidation loan,

the consolidation repayment plan you select.

It is always wise to consolidate your student loans. This enables you to make single payment to a single lender and keeps issues less complicated. The interest rate is locked at a fixed rate for a lengthy period enabling the borrower to pay minimum amount per month. The only disadvantage in consolidation is you pay more interest than the principal you have borrowed.

The interest rate is calculated by taking the average of all the interest rates on your running loans and rounded up to the one eighth of one percent. If your rate is lower, your payments will be lower.

On consolidation of your student loans there is a 1% deduction in your monthly installment if you pay regularly for a period of 3 years. If you default or delay even once in 3 years, then you lose this benefit. If you direct your lender to deduct your monthly installment from your payroll account then also you stand to gain 0.25% deduction in monthly repayments. Always take advantage of these rebates as you can save money.