1. Determine your needs First, make sure student loan consolidation will benefit your specific situation. If you are doing well paying your current student loan bills on time or they are almost paid off, you’ll likely save more money keeping them as they are. Inspect your loan contracts to see if there are any pre-payment penalties which may offset any savings you might gain from reconsolidation. Contemplate whether the convenience of an extended payment term is worth the cost compared to your current student loan payment plans. Also, take into consideration that if you are or will be in a public service occupation and are or will be eligible for federal student loan debt forgiveness after 20 years, you will reset your debt payment timer and have to start over from the beginning with the newly consolidated loan to become eligible again.   […]