If you get soon degree them college, now is the time to begin preparations for your student consolidation loan. You have a grace period of six months after completing their degree before starting payments, but the loan consolidation application process can take several weeks, especially if you have not brought together all of your information ready and decided on a lender.

The inventory of your student loans. Make a list of all your loans, including the type of loan, lender, the amount of your loan, the interest rate and the amount of your payments. Review your loan documents, contact your lenders or services of loan or visit the Web National Student Loan data system (NSLDS). If you do not know your PIN (personal identification number) to log on, you will need to apply for a new and it will be sent to you. Expect to wait a week or two for the PIN to arrive, so better to do from the beginning.

Calculate your current monthly payments If you are already in a State of refund, you will know your exact monthly payments. However, if you're still at school or in your grace period, you must estimate your monthly payment of non-consolidated loan based on the current interest rates and the balance of your loan. You can also check your estimated payment amounts by contacting your lenders or loan services.

Budget? What is a Budget? Although many people walk through the life of salary pay cheque without knowing where the money goes, you really put in place a budget to see if the student loan consolidation is for you. Once you have this first employment, determine a reasonable amount of your income that can be allocated to your student loan payments. This percentage should be based on a realistic budget. Then see if ready considers payment amounts that you calculated above will fit into your budget.

If your estimated or actual payment exceeds monthly budgeted amount, re-evaluate your income and outgoing stream. You can apply it on all areas of your budget? Can you increase your income?

If it is a question in the short term (raise expected compensation, get a part-time job, etc.), take into account your deferment or forbearance options.

However, if there is no light at the end of the tunnel, it is time to consider consolidating your student loans.

Select the loans of consolidation. To determine which of your loans are eligible for Federal Government consolidation. A list of loans can be consolidated to Stafford and Perkins eligible loans of Consolidation can be found.

Private student loans are not eligible to be consolidated by federal consolidation programs.

You may lose some of the benefits of discharge (cancellation) or adjournment if you include certain types of loans, in your consolidation as federal loans Perkins Loan for example. You can contact your loan holders to know what will be the impact of consolidation on your current benefits.

Consolidate your loans Try to go through the Federal Direct Loan Consolidation program. You can apply online.

If you have graduated, but are still within the grace period, start the process of consolidation approximately two months before the end of the grace period. This will allow for the adequate time for your consolidation loan processed prior to the expiration of the grace period, but not so early that you lose too much of your grace period, if you have a FFEL consolidation loan. (If you consolidate loans FFEL during the grace period, give you up to what part of your period of grace remains.) (You keep all your grace period, however, if you get a Direct Consolidation loan.) Some FFEL lenders offer to hold the disbursement of loans of consolidation until the end of the grace period to allow borrowers to reduce their interest rates 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 an interest rate at least a half point lower than the current reimbursement rate. Many lenders give you a reduced rate if you register for electronic payment and also to a number (usually 36) ontime payments.

When completing the application for consolidation, make sure that provide you complete and correct address information, include two references and sign the ticket. Miss these and you will delay the processing of your application.

If you are already in repayment, continue to make payments on your loan until the end of consolidation. If you need emergency for immediate payment, request the deferment or forbearance.