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One of the pertinent questions for you could be how the student loan consolidation process works. Obviously the first step would be to apply for such loan consolidation.  After applying you will also look out for the best student loan consolidation rates and easy and comprehensive college loan consolidation process. It will be therefore prudent to have a look at how the process works.

You must first of all locate all the student loans that you have and those required to be consolidated.  This is the crucial part of your loan consolidation process.  Whether you apply for student loan consolidation online or with one of the highway consolidators you will also have to look at the details of the interest rates applicable.

The steps wise student loan consolidation approval

For your college loan consolidation you will have to perform the following steps –

• Apply for consolidation of your student loans.  Some of the consolidators provide free and no-obligation forms for applying for such consolidation.  You can file applications online or directly by one-to-one contact.
• You must locate all the loans that are outstanding against you for the consolidation process.  Consolidators online use software like loan locators for the task and it makes your task easy on turn.
• Once you sign the application and mail or submit it, the consolidator will start processing the same for correction of errors if any.  Once the error checking is over the application shall be processed for approval.

Processing your loan consolidation request

On receipt of application and checking out the errors the processor will look into the legalities of your request.  He will find out whether the request is commensurate with the federal laws currently in force.  In result your application is not only processed quickly but is also handled correctly.

Next the consolidator will contact your lenders to know the exact loan amount that is outstanding against you.  The process may take around 60 days depending basically on the type of loans you have obtained and the response that is received from your lender.  On validation by the lenders the consolidator will send them a check for the amount outstanding.

The loan consolidation and aftermath

With the check sent by the consolidator to your lenders the official student loan consolidation is carried out.  A fresh statement showing the consolidated loan amount with background details will be sent to you by the consolidator.  The statement will also indicate the time when the premium, now only one consolidated monthly payment, is due.

Even after receipt of the check from the consolidator the previous lender may wait for a week or two or till the check is cashed to close your loan account.  So when you get a statement from the old lender even after you have consolidated student loans you need not panic.  This is normal process and approved under the Federal laws. Ultimately however you will receive a closure statement from the old lender due to the student loan consolidation refinance by your consolidator who is now your only existing lender.