With all those loaning institutions out there, how do you choose which will be the best one to give you a student loan consolidation? A student loan consolidation program that places all your loans in one account, significantly lowers the interest rate and reduces drastically the total amount to be paid. Ideal? Yes. Impossible? No. If you don't get all of these benefits from a program, what's the point of getting student loan consolidation? The program has to meet all this, and if possible more, in order for it to be truly effective. Otherwise, it's just the same thing all over again.

Primarily, you need to have a clear knowledge of the total amount of the loan and the accumulated interest. Just add everything up and...voila! You see before you a seeming lifetime of debt. But fear not, student loan consolidation is coming to the rescue! The figure you have before you shall be your point of comparison in choosing the best student loan consolidation program or service for you. The monthly bill to be paid should not be more than a very small percentage (at the most 20%) of your total income per month. You still have to live don't you? The focus is not only to pay off the debts; it's also to live moderately in comfort.

Take heed however. A contract is signed whenever a loan is approved and usually the terms and conditions are very strict, so think twice before agreeing to anything that may bind you for close to 20 years of your adult life. Once signed, you are bound to the contract 'til you have fulfilled your side of the bargain. Getting someone to help you understand the fine print would be the best move if you're uncertain about technicalities.

Don't feel bad if after a year into the loan you discover that the interest has even lowered. That's just the way it is since student loan consolidation works on a fixed interest rate. It's much like buying gold, one day it's up, next day it's down.

To recapitulate, the best student loan consolidation program or service would be one that:
1. Gives you a lower interest rate than your present loan.
2. Significantly lessens or lowers the total amount of the loan.
3. Makes you pay a lower monthly contribution.
4. Contains a proviso in the agreement that allows you to have chance to re-negotiate the interest rate in case the present rate becomes significantly lower in the future.

It cannot be stressed enough that patience and research are key to getting a good deal in securing a student loan consolidation. Hasty or reckless decisions in choosing the best program may lead to 20 or more years of regret. Shop around, compare rates and interests, ask friends or relatives who have tried and tested a certain program, and make online inquiries. Don't be afraid to appear too cautious. After all, you'll be paying for that loan for the better part of your adult life.