Federal Student Loan Consolidation

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Make sure you qualify for a federal consolidation. The $20, 000 minimum does not include spousal loans, as they can no longer be combined. All student loans for the consolidation must be federal; private loans can not be combined with them.

Consolidate your loans during your grace period after graduation if at all possible; you'll receive the lowest rate this way.

Research potential lenders who can consolidate your federal student loans. Begin by asking your bank if they do student loan consolidations or if not, for a recommendation from an institution that can help.

Apply for your consolidation, realizing that you do not need a co-signor on your loan, or proof of income to qualify.

Expect about a month for the consolidation to completely take effect. Once you have been notified of the completed consolidation, begin paying the new loan.