- Make sure your credit history is in proper standing. This can help you get more favorable terms.
- Get a copy of your free credit report from one or all the three major agencies (Equifax, Experian and TransUnion). Check it for accuracy and ensure that you fix any problems.
- Run your numbers through a few different loan calculators to see if you'll take advantage of a direct student loan consolidation. There are many of these calculators available on the web.
- For federal consolidation, you can apply online. Federal loans ought to be consolidated separately from private loans, as the rates and terms for federal loans are far better.
- For private loan consolidation, it's highly recommended to talk to a loan counselor first.
- Shop around. Call your bank plus some local lenders. Look around on the Internet, as well. There are thousands of companies that offer personal loan consolidation.
- Compare their loan terms and run your numbers through some calculators again to select a private consolidation lender that is most favorable for you.
