If you’ve been feeling overwhelmed by having to scrape together money to make student loan payments several times a month, you may have an alternative that will not only simplify your life; can save you a considerable amount on interest payments. A student loan consolidation will allow you to combine all of your student loans into one, freeing you from the need to try to keep up with all of them. And you may be able to find a lender that offers better interest rates on a single education consolidation loan than the average interest rate for your multiple student loans.

How to apply for an education consolidation loan
To apply for an education consolidation loan, you will need to provide an accurate record of your existing student loans. You can find the information you need on the National Student Clearinghouse website at http://www.nslc.org. You can apply for an education loan consolidation at any credit union or bank that belongs to the Federal Education Loan Program, or FELP. The US Department of Education is another great source of information.

If only one lender has been responsible for issuing each of your student loans, you will be required to arrange a student loan consolidation with that lender. And there are warning signs that someone offering you a student loan consolidation may not be legitimate. Avoid any lender that asks for fees up front or tells you they want you to submit to a credit check. No rising school loan consolidation lender will require either of those.

Requirements to apply for an education consolidation loan
Applications for federal student loan consolidation are almost always accepted. They can be made even if the applicant is still in school or changes status from a full-time student to a part-time student. Education loan consolidation done while you’re still a student or within six months of graduation will generally have more favorable interest rates than those you postpone beyond that period.

If you decide to opt for a student loan consolidation while you are still a student, you must inform the lender that you are requesting prepayment status. This will guarantee you a lower interest rate, but it will mean you have to start paying off the education consolidation loan right away. However, if necessary, you can request a deferment from the school that will delay loan payments until after you have graduated.

You should take the time to find the best terms you can to apply for a student loan consolidation, since you can only consolidate your student loans once. You probably won’t be able to consolidate any student loans that don’t total at least $7,500, and it’s your responsibility to start and continue to consolidate your student loans. However, you may be able to get a list of reliable lenders from your college financial office.