Applying for a student loan consolidation need not be a complex and time consuming process. All you really need to do is write down the mandatory steps as well as useful aids. The goal of this article is to provide consumers with a workable student loan checklist. By the end o this article the reader should be able to use this checklist in toto or as a reference to create their own checklist.

Step 1: Inventory

The first step to loan consolidation is gathering all your existing student loan contracts and determine each type (Stafford, Perkins, Plus, etc.). If you do not have a copy of the same then contact your lender. Request for a free copy and refuse to pay for the same, especially if the lender never gave you your own copy.

Step 2: Payment Amounts

After gathering your loan contracts you need to create a spreadsheet of your payments. Make sure to differentiate principal payments as well as interest type and amount. This way you get a better picture of how much you are and will pay in terms of interest rates.

Step 3: Pre-Approval

Determine how much you are really paying and determine if existing student loan consolidation programs can provide better rates and terms of payment. In order to do this you might need to request for pre approval or at least be familiar with the rates and terms you can qualify for.

Step 4: Evaluation

If your initial request for preapproval results in a loan amount that is insufficient to pay for all your existing student loans then it would be best to determine if loan consolidation the right alternative, and if it what student loans to consolidate. Tip; consolidate the loans with the least favorable terms, highest interest rates, those with adjustable rates, or those with the highest default amount. Tip, never over extent yourself but do not opt for a longer term if you can pay the loan easily using a shorter payment period to minimize money lost thru interest payments.

Step 5: Contact Experts

Before finalizing any deal you need to contact an uninterested party who will provide you with the pros and cons of student loan consolidation based on your situation. The best experts to look up are those that work with the government or are certified by the same such as credit counselors (not private debt counselors), as well as experts from the appropriate education department. Tip, call the education department hotline and ask to be directed to the proper department.

Points to Consider

Remember, loan consolidation can be had either thru publicly funded and/or regulated enterprises or private student loan consolidation providers. As a general rule government funded (either partially or fully) have the better rates but in some cases privately funded student loan consolidation loan programs maybe more advantageous. That is why it is best to request pre approval from both. Also, consider other alternatives to student loan consolidation such as bankruptcy, sale of your properties, debt negotiation, etc. All these information are readily available on the internet. Just make sure to read several sources and take “expert” advice with a grain of salt.

Are you looking for more information regarding student loan consolidation? Visit http://www.consolidatingstudentloans.eu today!

Are you looking for more information regarding student loan consolidation? Visit http://www.consolidatingstudentloans.eu today!

Author Bio: Are you looking for more information regarding student loan consolidation? Visit http://www.consolidatingstudentloans.eu today!

Category: Finances
Keywords: student loan consolidation,student loan,loan consolidation