Certain student loan consolidation rules should be understood properly before you decide to consolidate your student loans. The first thing that you should keep in mind is that there is no upfront fee for student loan consolidation. This is one of the biggest criteria to decide whether the company you are going to get associated with you is genuine or not. So, remember, you should never agree to pay for student loan consolidation.

The first rule of consolidating student loans is that you can consolidate your loans only two times – after completion of the grace period after leaving college and after you have started the repayments. It is advisable that you opt for the former one because in that case you will be able to get the best terms and rates as well. In the latter case, it is possible you have some defaults and non repayments or a damaged credit score and this will make the lender have an upper hand in deciding norms. The main aim of consolidating student loan is to save money and for this you can also consult a professional and get expert advice.

Second rule among student loan consolidation rules is that loans in the name of one person can only be consolidated together. This means that if you and your wife have loans separately, you will have to opt for separate consolidation of loans. This is also applicable with the loans taken by your parents and you as well. Next rule is that you do not have to pay penalties if you repay a large amount of your loan at a time. This means that if you get the job or enough money, you can easily pay off your student loans and get rid of the debt.

Make sure you inform the lender that you want to get your capital reduced as you are going to pay your future repayments together. Give complete details and keep your lender updated. This will help you stay away from any legal and other problems. Once you are aware of the student loan consolidation rules, you will find it easy to negotiate with the lender and obtain a beneficial program.