There are many factors that you should consider before opting for bank student loan consolidation programs. No matter what loan consolidation program you opt for, it is better only when the new repayment plan is with lower monthly installments. Some of the loan consolidation options help you pay off the principle amount faster and sooner. In fact, all these things depend on the objectives and the financial condition of the borrower. However, your credit history has a great role to play in deciding on the loan consolidation conditions.

Collect and organize all the documents and paperwork related to your loans. Make a list of the loans and rate of interest at which you have acquired those loans against each of them. This will help you go through the details of your loans thoroughly and that too without wasting any time. It is advisable that you make separate lists of federal and private loans because mixing the federal student loans with the private ones will take away your right of availing the benefits of federal student loans. Once the list is ready, you should also be aware of the loan amount that you owe to the lender at present and about the current loan balance as well.

Before you carry on with the bank student loan consolidation, it is prudent to learn about your credit report that is prepared annually. You can get this by making a request to the concerned authority and department. Remember, being creditworthy can save you hundreds and some times thousands of dollars. Once you have made the preparations on your side, now it is time to get in touch with a good financial aid officer and find out whether you are eligible for the loan consolidation programs or not.

There are a number of aspects that are taken into account before declaring you creditworthy. Most often the officer will quickly help you find whether you are eligible and will also help you proceed in the right direction. Make sure you are clear and understandable about your objectives when you opt for the bank student loan consolidation program.