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Consolidating your private student loans is not always the best financial move. Before rolling your entire private student loans debt into a single loan, review each loan you currently hold separately. Determine how much debt you have and at what interest rates and repayment plans you are set on.

Remember, consolidating your loans will change your overall interest rate. This is usually a good thing, say if you are offered an exceptionally good rate on one or more of your loans, you may then want to consider private school loan consolidation and use it as a finance tool to lower your monthly payments.
 

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Do not consolidate federal and state student loans with your private student loans - you are going to see an overall increase in interest rates and fees. Read everyone's fine print. While the United States Department of Education will not allow you to combine government and private loans, some private lenders will. Paying your loans through a single payment is definitely ideal, but be careful you don't lose your low interest rates on your Federal loans if you opt to roll them into a new private loan by a private consolidation loan lender. Check their interest rates and "fees"!

You might not want to refinance school loans until after your grace period ends. If your private school loans feature a grace period after you exit college or graduate, wait out the time frame before consolidating. Most agencies offer six to nine months of time for the student to get settled into a career before the debt comes due. If you consolidate early, you lose out on grace period and repayment will begin immediately.

You don稚 have to consolidate with your current lender. It may seem like the easiest solution, but before you decide to consolidate with your current lender, shop around and make sure you are getting the best deal. Student loans typically make a large portion of a person痴 debt. You want to ensure this debt has the lowest interest rate possible. Additionally, if you don稚 like your current lender痴 customer service practices, now is the time to find someone new.