There are different student loan consolidation options that you can choose from when consolidating your loans. The first thing you should consider is whether you are consolidating federal loans, or if you have a private student loan. A private loan consolidation will be different than federal, mainly because the private loan consolidation is handled through a private lender. Depending on the particular lender, the student loan consolidation will be handled differently. However, no matter how many loans you have or what the interest rates are, consolidating your loans is beneficial.
A private student loan is an option that is available for students that do not receive enough federal student aid or none at all. There will be different interest rates and terms on the loans, depending on the lender that provides the money. Therefore, it would make sense that a private loan consolidation would also be handled differently by different lenders. A student loan consolidation with private loans can save a lot of money on the interest, especially since a private student loan has much higher interest than a federal student loan. When you choose to get a private loan consolidation, you have the option of choosing between different payment plans and other options to make it as easy as possible.