As with regular student loans, the guidelines and payment schedule will be mapped out by your lending institution. In general, your first consolidated student loan payment will most likely be due 30 to 60 days after your consolidation application is approved. Once you apply, continue to make your regular payments on your student loan until you hear otherwise so as not to default.

Your choices for repayment will be much like your repayment options before you consolidated your student loan. You may choose what are called standard payments which are monthly payments that do not vary until the loan is paid off over a predetermined period of time. Graduated payments mean that you will make monthly payments on your consolidated student loan, the next one always slightly higher than the previous one. Variable payments allow for a fluctuation based on your income and changing financial responsibilities. Extended payments allow you to make smaller loan payments over a longer period of time.

Some lenders charge fees to consolidate your student loans. There are enough companies who don't charge additional fees that you should have no problem finding one who also offers a low interest rate on your combined loans. Some lenders may also require a credit check. Know that if you find someone to consolidate your loans even if you have bad credit, student loan consolidation will, in the end, raise your credit rating!

Some lenders also offer discounts or charge fees for early repayment. Check out the particulars with your loan officer before you sign anything.