The best magazine
- 1). Make at least three in-full payments on your current student loans if you have defaulted on them. Another option is to agree to repay your loans on an income-sensitive repayment plan. Contact your lender if you have a Perkins loan or a Health Professions loan to determine what satisfactory repayment means and fulfill its requirements before you can be eligible for a consolidation loan.
- 2). Approach a student loan lender that offers federal consolidation loans about consolidating your student loans. Make an appointment to meet with a lender to discuss your options. You may also be able to initiate the consolidation loan process through a lender's website. Many banks offer federal consolidation loans.
- 3). Bring all of your student loan paperwork with you to the meeting -- such as promissory notes; letters of default, deferment or forbearance; and statements. You may have to send in these types of documents electronically if you plan to get a consolidation loan over the Internet. Although the consolidation loan holder will likely inform your other lenders that you have a new consolidation loan, notify your other lenders yourself of your actions to prevent any miscommunication.
Source: ...