Do not think about whether to consolidate your college loans or not, just do it. That interest rate is then fixed for the life of the loan. This means that you wouldnt be responsible for a payment during this time. Its important to consider all aspects of educational costs and how one plans to save or pay for college. The next step should be to calculate what your total monthly installment would be once repayments start after graduation. Having researched and minimized your final selection to a handful of potential private lenders, you will do well to then go to each lender and negotiate to obtain the best terms possible either on your own credit standing or with the support of a cosigner. The latest in college loan consolidation plan is "in school consolidation. But fortunately the parents' or the students' dilemma does not start and end there. If you only have one monthly payment, you can set aside enough to cover it at the beginning of the month and be done with it. In order to qualify for most of these lowest interest bearing federal loans, the student has to show a need for the financial aid but are not required to submit to a credit check except in the case of PLUS Loans which are actually issued to parents of dependent undergraduate children and carry a little higher rate of interest than in the case of Stafford and Perkins loans. Having a college education opens doors to a world of success. Remember that your financial aid obtained at great cost and tremendous sacrifices for the future (at least until you complete the repayment of loans) should be invested wisely to obtain the maximum value for money. It is well worth setting up a consolidation account today. A special characteristic of the Subsidized Stafford Loan which is the most economical out all federal loans next to a scarce Perkins Loan (as distinct from the Unsubsidized Stafford Loan) is that the government pays the interest on the loan until the student graduates. Recommended: College Loan Consolidation Success for the best college loan consolidations of all times. Generally a consolidation takes 4-6 weeks so you should have your company picked out and an application underway by about 4 months after graduation.. A special characteristic of the Subsidized Stafford Loan which is the most economical out all federal loans next to a scarce Perkins Loan (as distinct from the Unsubsidized Stafford Loan) is that the government pays the interest on the loan until the student graduates. Visit her site and get more aid for Financial Subjects regardless of your credit. Thats why the solution is applying for a student loan. Remember that the more you apply for the higher the interest rate will be at stake. Grace period One of the benefits to a federal student loan is you dont have to start making payments until 6 months after graduation. An unsubsidized loan differs because it is not granted upon financial need and it requires the interest be paid while you are still attending school. Federal loans, through three main types of loans categories named Perkins, Stafford and PLUS offer varying packages with regard to financial aid to suit different needs of students / parents placed in diverse situations and circumstances. Do not think about whether to consolidate your college loans or not, just do it. When taking more and more loans annually over the period of your graduation to meet more and more new educational expenses you must try to take the loans in a more organized manner instead of in a haphazard manner bearing in mind that when you start repaying, the monthly outgoing on these loans should not cause an undue strain on your estimated income at that future date. That interest rate is then fixed for the life of the loan. You can acquire information about consolidating at any bank or directly with the U.S. The salient points provided by Board Report above are self explanatory, but there is still plenty more to learn about Student loans and its consolidation. Any federal student loans that you have out can be incorporated into the program and they will allow you to have a fixed interest rate, based on the average of all the interest rates. Loan consolidation is favorable to college loan debtors because they offer them good benefits in both short and long term by enabling the lumping of ones college loans into one account and one repayment plan. It would be a good idea to consult a financial counselor who could be trusted (with caution) since even financial institutions, colleges etc.