If you have a range of debts from different lenders, usually it means you will have different interest rates and repayment options. When looking at student loan consolidation you should look for the best interest rate possible.

Look around and compare your existing loans with the consolidation options, as it may work out a lot cheaper. It may be beneficial to combine them into one loan, with one interest rate rather than six or seven smaller loans.

A good time to think about consolidating your loans is while you are still studying. Usually the best interest rates and repayments are given to students at the lowest cost possible. Your college should have consolidation options available, if not there are many you can apply for after finishing.

You can consolidate both federal and private student loans, and in doing so, could simplify your loan management. Combining loans may mean that it is a longer loan period, but you could be saving a lot on multiple payments.