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Step 1
First, make sure that you need to consolidate student loans. If you do, Gather all of your student loans and make sure you have all the information available for them. This should include the name of the company, the term, and the interest rate.
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Step 2
If you don't know who your lenders are, try researching them at www.nslds.edu.gov. You should be able to narrow down who the actual lender of the loan is.
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Step 3
Make sure that you keep up to date with student loan consolidation rules. New interest rates for student loans should be coming out in July. This information should help you decide whether or not to consolidate student loans.
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Step 4
Whenever you do consolidate, make sure to choose the shortest term possible. This will help decrease your interest rate. However, if you cannot afford the shortest term's payments, look for the lowest interest rate possible.
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Step 5
Consolidating your student loans will not only help you save money, but it will also help you save time. You will no longer have to make payments to two or three different companies. You can now send your payment to one company.
Comments
tjzerrer said
on 7/9/2009 Thanks for the web address.
Elizabethknows said
on 6/22/2009 be careful decide if you want to and it is a better deal as well. 5*