Student Loan Consolidation like refinancing a mortgage is a convenient means of repayment. With this, you can merge your student loans into one big loan, thus, decreasing your periodical payment.In consolidating student loans, very low rate of interest applies along with a long repayment period. The monthly payments are cheaper as compared to the original student’s loan. Before Consolidating student Loans, take into consideration the three factors: Interest Rate, Credit History and Online Calculators. Let’s tackle them one by one.First is Interest Rate. Before you apply for a loan consolidation, it is best that you calculate and evaluate your monthly payments in addition to the overall interest that is to be paid and the cost of the total transaction of both the loans. This can give the student or the borrower the actual setup of how much he will pay as soon as he merged his debts.Second is Credit History. Keeping a good credit history is extremely important since lenders refer to this to check the borrower’s credibility to make payments. In a credit history, it shows the complete record of an individual’s or companies’ past borrowing and repaying behavior. Almost all banks would willingly provide added terms for students with a good credit history. Simply put – those who keep a good credit history gets favourable bank services like good rates and terms. Manage your money wisely and try to clear off your debts.Third are online calculators. You may see these everywhere on the web. Many lending organizations and mortgage companies provide periodic payment calculators on their websites. Utilizing these online calculators allow the students to understand all possible option for loans consolidation, before making an application.As a responsible borrower you will extend all means in order to get good rates and avail the best terms the consolidating bank will offer. I believe every student loan consolidation share the same end goal, which is to clear off debt and maintain a good credit standing with lenders.Best Online Consolidation CompaniesIf you’re looking online, these companies are highly recommended by many since they can offer you excellent rates and save you money by consolidating your student loans: Loan Approval Direct, Next Student and DebtConsolidation.com.Choosing the Best Student Loan Consolidation CompaniesWhen it comes to choosing the best student loan consolidation companies, try not to be so impulsive. Look at the three factors mentioned above: interest rate, credit history and online calculators. Ask yourself these questions. Will this bank offer me convenient terms, once I agreed to consolidate my debts with them? Are these lending companies offering you other benefits? Consider those benefits as well when you are deciding on these financial institutions. Make sure that if you sign up for something, you understand perfectly the terms and conditions that goes along with it. I guarantee that there will be lending firms that will ask you to sign the contract as soon as they found you eligible. But before you do, make sure that you’re able to weigh all possible offers. Do compare all loan consolidation rates and terms. If you’re unsure of the contract, don’t sign it. You may end up regretting your decision later. Remember that you’re consolidating your loans for you to solve your financial problems and not to fall into a debt trap all over again!