Your decision must rely on your present income, expenses and your expected future income vis a vis interest rates and manageable repayment schedules. Its become difficult for the average student to be both a full time student and an undergraduate. A diploma with your name engraved under a prestigious college is the most valued credential. The benefits of college loan consolidation are numerous: lower interest rates; lower monthly installments; a lower payoff amount; or possibly all three. After interest is added you could be paying a total of almost $40,000.00, so it is extremely important to make sure you are getting the best deal possible with your loan consolidation. While borrowing money is never the ideal way to pay for anything, there are hundreds of thousands of people for whom a college education would have remained out of reach were it not for student loans. Board Report, the median debt level for a graduate with a bachelors degree from a four-year college was $19,300 in 2003. College loan consolidation is one method of reducing the financial burden of those student loans. However, it is a great idea to shop around for your options before you have to make those first payments after graduation! This helps ensure that you have everything organized before it has a chance to get out of control. With a subsidized Stafford loan, which is granted upon financial need, interest on the loan is not required to be paid while you are still a full time student. However, to consolidate a college loan while in school does not mean that you must begin repayment immediately. Consolidation Once you have decided if you will be eligible for forgiveness or not its time to start making those payments. The benefits of college loan consolidation are numerous: lower interest rates; lower monthly installments; a lower payoff amount; or possibly all three. Before signing your future on that promising loan, always analyze all aspects of the loan you have researched. Having a college education opens doors to a world of success. Even state colleges and universities can cost state residents upwards of $15,000 per year. Be sure to be educated by searching out more facts before taking your final decision. The average teaching student graduates with over $18,000.00 in student loan debt. This procedure should better be adopted at the point of taking every new loan. Federal Education Services is a company that specializes in federal student loan consolidation, Stafford loan origination, PLUS and Graduate PLUS loan origination and as a resource for students with questions regarding educational financing. Although private lenders usually do not place a limit on the amount that may be borrowed, nevertheless the amount lent will depend on your credit score, alone or jointly with the cosigner. You can also find more info on School Loan and College Loan Consolidation. In addition you may be eligible for forgiveness by state. Youll also be at the beginning of your career, and probably have the expenses associated with setting up housekeeping on your own, funding your own transportation, and managing all your own finances. But you have to live comfortably and without much strain on your finances especially in the first few years of employment when several other changes to your lifestyle may have to be contemplated such as moving to a house of your own and buying your own car etc., if not beginning a new family life as well!. The outcome is that all your student loans are paid at once, leaving the remaining balance as the only loan to pay. If you consolidate, you are locked in at the current rate for the lifetime of the loan. Recommended: College Loan Consolidation Success for the best college loan consolidations of all times. Loan consolidation means gathering all your sources of financial assistance into one repayment plan. If you base what you do on inaccurate information, you might be unpleasantly surprised by the consequences.