Consolidation Student Loans with a lot of confidence, even before you graduate college and start looking into Consolidation Student Loans as soon as possible to avoid the rush. Consolidation Student Loans have a six month grace period after graduation before payments begin, but the consolidation student loans application process can take several weeks, especially if you haven't gathered all your consolidation student loans information and decided on a lender. It can take many weeks to get through the loan process, however when it comes to repaying your loan the lender gives you six months after you graduate to start pay back your consolidation student loans. Keep track of your student loans. Make a list of all your loans, including type of loan, lender, the amount of your consolidation student loans, interest rates and the amount of your payments. Analyze your consolidation student loans document, contact your lenders or loan servicers or go to the National Student Loan Data System (NSLDS) website. Hopefully you never lose your pin number but if you do, you can ask for a new one and they send it to you. Expect to wait a week or two for the PIN to arrive, so best to get it done early. 

Your Current Monthly Payments. If you are already in a repayment status, you will know your exact monthly payments. However, if you are still in school or in your grace period, you should estimate your monthly non-consolidated loan payment based on the current interest rates and your loan balance. If you’re still going to school or still in your grace period, you can estimate your non-consolidated loan payment using the balance and interest of your loan. You can also check your estimated payment amounts by contacting your lenders or loan servicers. What's a Budget? Though many people wander through life from paycheck to paycheck without knowing where their money is going, you really need to set up a budget to see if consolidation student loans is for you. Once you have a source of income, set aside funds to use for repayment of your loan. This percentage should be based on a realistic budget. Be sure you are comfortable with the payment amount you choose for your student consolidation loans.

If your estimated or actual payment exceeds that monthly budgeted amount, reevaluate your income and outflow. Can you trim any areas of your budget? Can you increase your income? If it's a short term issue (expected raise in pay, getting a part time job, etc.), consider your deferment or forbearance options. However, if there is no light at the end of the tunnel, it is time to consider consolidation student loans. A number of consolidation student loans can be in addition to Stafford and Private student loans are not eligible to be consolidated through the Federal consolidation programs. You might lose some discharge or cancellation benefits or deferment benefits if you include certain types of loans in your consolidation student loans like Federal Perkins Loans, for example. You can contact the lenders of your consolidation student loans to find out what the impact of consolidation student loans will be on your current benefits. If you want to consolidate your consolidation student loans try going through the Federal Direct Loan Consolidation Program. You can get the application online.

If you have graduated, but are still in the grace period, initiate the consolidation student loans process approximately two months before the end of the grace period. This will permit enough time to have your consolidation student loans processed before the grace period expires, yet not so early that you lose too much of your grace period if you have a FFEL consolidation loan. (If you consolidate FFEL loans during the grace period, you will give up whatever portion of your grace period remains. You get to keep all of your grace period, even if you get a Direct Consolidation Student Loans.) Some FFEL lenders offer to hold off on disbursement of consolidation student loans until the end of the grace period to give borrowers opportunity to minimize their interest rate and maximize their grace period. Check with your lender to be certain. Keep in mind that if you consolidate during your grace period, you can lock in an interest rate at least a half percent lower than the current repayment rate. Most banks will grant you a discounted rate if you agree to sign up for auto- pay and make a certain number of consecutive on time payments, about 36 of them. When filling out the consolidation student loans application, make sure you provide all your complete and correct address and personal information, you may be asked to include two references, and sign the promissory note. Overlook any of these and you will delay the processing of your consolidation student loans application. If you are already in repayment, continue making payments on your loans until your loan consolidation procedure is completed. If you need immediate payment relief you can always ask the lender for a deferment or forbearance until you are able to start repayment or until your deferment time is up.

By: Vernosha Anderson