Whether you attended college for two years or four years, you likely have a lot of student loan debt. Fortunately, there are several ways to consolidate student loans and save money. Student loan consolidations are very common, and it only takes a few minutes to complete an application. However, prior to completing a loan application, it’s best to know your option. Thus, it’s important to contact multiple lenders and obtain a consolidation quote. This way, you get the lowest rate possible on the consolidation.

The best places to consolidate student loans include a private bank or a Federal lender. Federal consolidators offer the best rates. Even so, some graduates prefer to consolidate with a private lender. Once all your student loans are combined into one loan, you’ll have one monthly statement, and you’ll submit all payments to one lender. It’s the best way to simplify your finances.

Some people consolidate student loans to get a better rate. This is smart. A lower rate can save you money each month. On average, a consolidation can reduce payments by as much as 60 percent – that’s a significant savings.