Student loan consolidation can greatly reduce the cost of funding a college education.

Anyone that has financed college tuition should seriously consider student loan consolidation.

Once a college education is completed, the reality of repaying the loans must be faced. Student loan consolidation is an extremely economical means of repaying student loans. Of course, student loan consolidation can be arranged through a variety of refinancing programs but the best program for consolidating Federal student loans is a Federal Consolidation Loan.

The Federal Consolidation Loan Program was established by the U.S. government to help facilitate the repayment of various Federal loans through student loan consolidation. The primary benefit of this type of student loan consolidation is a lower monthly student loan payment. In addition, the loans are consolidated into a single payment and the current low interest rates can be locked in for the life of the loan.

Student loan consolidation is not mandatory after you leave school. However, if you do decide to consolidate, you should keep in mind that student loan consolidation is best at a time that will be most advantageous for you, particularly concerning your interest rates. Although you cannot consolidate while you are in school, student loan consolidation is permitted when you are in your grace period or when you are in a deferment, and by doing so, you may save up to 0.6% on your interest rate.

If all your loans are with one lender, the student loan consolidation must be arranged with that lender, unless the lender does not make consolidation loans or does not offer an income-sensitive repayment schedule. If you have your student loans with more than one lender, then student loan consolidation can be arranged with any lender that participates in the program.

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