Student Loan Consolidation Program - Federal Student Loan Consolidation & Private Student Loan Consolidation

A debt consolidation student loan can help you to consolidate federal or private education loans. In searching for a consolidation loan, you should focus on organizations that have strong expertise in the federal and private student loan industry.

Your loan should provide the following advantages:

One single payment. This is one of the most important advantages to getting a student debt consolidation loan. You no longer need to make payments to multiple student loan companies.

Dramatically reduced monthly payment. The goal of all debt consolidation loans is to reduce your monthly bills. Some companies manage to reduce payments but not by much. Find a company that can dramatically reduce your monthly payments so that you can free up cash for other expenses such as books, etc.

Low interest rate. The importance of a low interest rate cannot be understated. A low interest rate means - lower payments. It also means that the overall interest that you will pay over the lifetime of the loan will be low.

No hidden fees. This is a tricky one. The best way to find out, if they have hidden fees is to ask a lot of questions.

No collateral. Since you are a student, you probably donít have a lot of assets to use as collateral. A no collateral requirement will make it easier for you to quality for a loan.

No Credit Check. Establishing credit takes time. It usually begins after you graduation when you have a good income and open lines of credit. You may have no credit or even bad credit during your education years so itís a plus if the company does not require a credit check.

Prepayment Penalties. Any loan with that enforces a prepayment penalty is not preferred. In essence, the loan company penalizes you for paying earlier than the loan term.

NextStudent is one of the most widely used student loan debt consolidation companies. It is also a U.S government program. Access their Student Loan Debt Consolidation Loan Calculator.