The extent of borrowing allowed is limited and does not cover the connected expenses of college education such as cost of tuition, books, computers and board and lodging. We live in a society trained to receive the best in the competitive market. This leaves behind a trail of unpaid bills and loans. 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. Some banks even offer special deals for student loan consolidation accounts, where the interest rate may be as low as 3-4%. Rate of interest and other credit terms will vary depending on the lender; and as such before taking a private loan it is pertinent to search for many private lenders of prominence, and visit their websites to extract their respective terms and rates and do a thorough research as to which lender has the best solution to suit your particular situation. This saves you time and money because it enables you to reach a more auspicious interest rate on your debt. Even state colleges and universities can cost state residents upwards of $15,000 per year. 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. Consolidating your student loans before interest rates rise will lock you in at the lower interest rate. That report also states that 52 percent of undergraduate students financial aid came in loans in the 2005-2006 school years, as opposed to 46 percent in the 2000-2001 school year. Or Student Loans Consolidations Success for free information for your informed choices. Consolidating your student loans before interest rates rise will lock you in at the lower interest rate. Consolidating your student loans before interest rates rise will lock you in at the lower interest rate. You have many choices in lenders pick one that will deliver for you. Consolidating your student loans before interest rates rise will lock you in at the lower interest rate. Student loan consolidation may only be available after you finish school. Make sure you get the whole financial aids grants, and students loan consolidation story from informed sources so that you do not burn your fingers while looking for financial aids for your college expenses. It would be a good idea to consult a financial counselor who could be trusted (with caution) since even financial institutions, colleges etc. The Perkins forgiveness loan is forgiven based on the following scheduled: For full-time teacher 15% for each of years one and two 20% for each of years three and four 30% for year five and each successive year For full-time special education teacher 15% for each year of service Perkins loans are not eligible for forgiveness if they have been consolidated. But fortunately the parents' or the students' dilemma does not start and end there. However, for purposes of estimating your monthly budget immediately after you secure employment to a reasonable level of accuracy and reliability, you should not confuse your initial salary with what others employed in the same profession are drawing after about five to six years in employment. 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 diploma with your name engraved under a prestigious college is the most valued credential. The Perkins forgiveness program will forgive up to 100% of your loan if you are: a full-time teacher employed in public or nonprofit elementary or secondary schools in districts eligible for ESEA Title I-A funding, where the percentage of children from low-income families enrolled in the school exceeds 30% of total enrollment, or a full-time special education teacher in public or nonprofit elementary or secondary schools (including teachers of infants and toddlers) or qualifies professional providers of early intervention services under the Individuals with Disabilities Education Act (IDEA), or a full-time teacher of math, science, foreign languages, bilingual education, or other fields determined to have a shortage by the state educational agency. You will be better off to consolidate now so as to forestall a higher debt load. Your decision must rely on your present income, expenses and your expected future income vis a vis interest rates and manageable repayment schedules. With the Stafford Loan Forgiveness program you could be eligible for up to $5000.00 in forgiveness and up to $17,500.00 if you meet certain requirements such as teaching math, science or special ed to low income students. A diploma with your name engraved under a prestigious college is the most valued credential. It is well worth setting up a consolidation account today. 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. It would be a good idea to consult a financial counselor who could be trusted (with caution) since even financial institutions, colleges etc. Its important to consider all aspects of educational costs and how one plans to save or pay for college. It is also equally or more important to ensure you are not paying too high a price for an unnecessary level of luxurious living immediately after starting employment by reducing the monthly installment to an unnecessarily low figure at the cost of incurring additional interest by lengthening the period of repayment. 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. Schoolloanshelp.com is a comprehensive resource to get information about School Loans.