How to Consolidate Student Loans Into a Single Loan

Consolidate your student loans by using this step by step article. This guide will help you understand what it means to consolidate student loans and some basic steps on how to consolidate your loans.

Difficulty: Moderately Easy

Instructions

1. Understand what loan consolidation is.
   
   Simply put, loan consolidation means to merge multiple loans into one loan. One of your lenders will group multiple loans together.

2. Make sure your loans qualify for loan consolidation.

3. Make sure that YOU qualify for loan consolidation.
   
   Look into and evaluate rules to make sure you qualify for loan consolidation. Typically, you can't consolidate loans for programs you are currently enrolled in.

4. Shop around and try several vendors for your loan consolidation. Typically it's a good bet to start with your initial lender for your loan consolidation.

5. Get the new weighted average interest rate for your loan consolidation.
   
   After consolidating your loans you'll typically have a new interest on your single loan. Typically this is a weighted average of your current interest rates on your loans.

6. If you are consolidating federal loans, make sure you aren't paying a fee to do that. This should be for free.