If you have student loans, consolidation can save you money. You can also get a lower rate with the consolidated student loan. Loan consolidation combines different loans with various interest rates to make one loan with one lower interest rate and one payment. A low interest rate means that you will be in a position to pay your student loan quicker thus becoming debt free sooner.

In most cases when students get their first loans to cover their college fees, they do not have an option to choose the best rate for themselves, thus end up having loans with high rates. Although you can easily get a free no-obligation loan consolidation quote, consolidation may have some disadvantages, and it is important that you cautiously consider the pros and cons.

First and foremost, the financial situation and credit of a borrower influences the student consolidation rate one can get. A good credit rating means that you are in a position to get a lower interest rate.

So, what are the essential aspects you should consider in order to be able to get the best rate for your consolidated student loan?

5 Essential tips to help you select the best lender are outlined as follows:

1. The main purpose of consolidating your student loan is to make your payments easier. It is therefore important for you to ensure that the lender has simple loan payments. It is imperative that you assess the lenders