PLUS loans can be consolidated immediately upon disbursement and benefit from a fixed rate loan structure. The rate increases slightly each year on July 1st, similar to the other federal loans. You can consolidate PLUS loans for both undergraduate and graduate studies, even though they were originally designed for parents of undergraduates. Changes to this style occurred July 1, 2006 and is referred to as the Grad PLUS program.
The PLUS consolidation programs, as federal programs, give you the added benefit of deferment and forbearance when you want to continue your education further or if you have periods of unemployment or other financial hardship.
