Often College bound students take on one too many student loans. One way to get your loans and other finances under control is to look into Student Loan Consolidation. Student Loan Consolidation is a great way to refinance your schools loans and turn them into one payment rather than many payments. It makes it easier to keep the payments under control. There are two types of Loan Consolidation; there is the Federal Loan Consolidation and the Private Loan Consolidation.

Federal Student Loan Consolidation works by applying a fixed rate refinance package that will take all of your active or existing Federal Student Loans into one single payment. We hear of debt consolidation for parents who need help taking charge of their finances so why not take advantage and get your loans under control before they become out of control. There are many Student Loan Consolidation Companies out there.

Some companies offer a saving of about 50%. You won’t need a credit check to qualify for these consolidations. But the only person who can consolidate the loans is the person whose name is on the loan. By consolidating your Federal Loans you can even save money on the interest payment. By consolidating your Federal Student Loan you will also consolidate the interest called Federal Income Tax Deductions.

Private Student Loan Consolidation is a good way to get a handle on your loan payments. With Private Student Loan Consolidation you can see a saving of hundreds of dollars a year. For example, you may see a $ 10,000 Student Loan with a monthly payment of $ 69.41 and an assumed current payment of $ 88.77. With Private Student Loan Consolidation you will see a yearly savings of $ 232.32. You have to look around for the best terms on these loans.

By consolidating your Student Loans you should find a company that has fixed rates, never sign a variable rate consolidation since you could end up paying a lot of extra interest if you are not careful. Try to line up at least 5 different Consolidation Companies and then compare the amount you can save as well as how much your monthly payments are going to be. You want to pay as little as possible or at least what you can afford.

You can check many online Consolidation Companies but you have to be careful. Make sure that these companies have valid phone numbers to ensure that this company is legitimate. There are so many companies out there that are willing to take your money. You have to be so careful when choosing a company where you have to give them personal information. There are some banks or even some institutions that are designed to help students. Finding College financing can be stressful but make sure that after you accept the assistance that you have an understanding and a responsibility or repaying it back.