When to Consolidate Student Loans

The answer to that question depends on your current loan status:

If you are currently finished with school and repaying your loan: You can consolidate now.

If you're already repaying your loans, it's a good time to look into consolidation. Find out which programs are available to you, compare the programs and terms, and decide which option is best for you.

If you are finished with school and in a grace period - your monthly payments have not yet started: You can consolidate now.

Your six-month grace period provides an opportunity to be extremely strategic regarding your loan consolidation: Make the most of your pre-payment days by applying for your consolidation loan during the fourth or fifth month of the grace period. This will give you the most time before you have to start paying your loan.

If you're still taking classes and have not yet entered a grace period or repayment process: You cannot consolidate yet.

It's a good sign that you're already thinking about your student loan debt and the repayment process. Know what your interest rates will be after your grade period, and begin to research consolidation programs and rates once you've completed school. By preparing early, you've put yourself in a position to manage your financial future. More information is given in our frequently asked questions that can help you with your student loan consolidation.