Get The Best Student Loan Consolidation Rates

The interest rates for federal student loan consolidations are based on the weighted average of student loan interest rates. I'll outline the basic steps to get student load consolidation rates.

Things You'll Need:

• Your current student loan information

Complete an application. This can usually be done online. Be truthful with all your information. Student loans are monitored by the federal government, you definitely don't want to be caught by them doing something illegal.

You application will include information about your lenders. This is an important step when looking for student loan consolidation rates. All prior student debts need to be accounted for in order for the company to complete your quoted rate.

Once the terms and promissory note is read and signed, the student loan condolidation company will contact all your student loan lenders for exact payout information. They will then cut checks for the necessary amounts and you will have a consolidated loan. Now you will pay one lender one amount that is often at a lower interest rate than the other lenders were charging you individually.

By tjzerrer eHow Community Member