7 simple steps to consolidating your student loans

You can save money by consolidating your student loans, but today is the last day you can lock in a low, fixed, student loan rate. Don't know where to start?

Last-minute student loan consolidation guide We know, you've procrastinated, but if you get in gear right now, you can still consolidate your student loans at a low rate.

Here is what to do 1. Decide which lender you're going with. 2. Get your current loan paperwork together. 3. Know where your loan paperwork is. 4. Fill out the application. 5. Cross your t's and dot your i's. 6. Submit your application. 7. Follow up, if no response in 24 hours.

1. Decide which lender you're going with.
You can likely research lenders through the financial aid office of your alma mater. FinAid.org lists a comprehensive database. Be sure to find out upfront what fees, if any, you'll be expected to pay and what discounts or rebates are available. Because you're so close to the deadline, you may want to go with your current lender, which already has your paperwork in hand. If you go with a new lender, ask for reassurance that your application can be processed before the June 30 deadline.

2. Get your current loan paperwork together.
You'll need to provide details about the types of loans you have, your balances, and current loan holders. You'll also be asked to provide your employer's name and contact information, the name of your school, and the names of a few references, such as professors or employers.

3. Know where your loan paperwork is.
Here are three sources to check out:

Sources

• The National Student Loan Data System, offered by the U.S. Department of Education, is a central database of student aid. • EdFund.org is a repository of federal Direct, Stafford, Perkins and consolidation loans used by some 350 colleges and universities. • The National Student Clearinghouse, a free tool run by a nonprofit group in Herndon, Va., is used by many financial aid counselors to help students keep track of their loans.

4. Fill out the application.
Most lending institutions, including the federal government, offer both online and paper applications. If you have all Federal Direct loans, you can even apply by phone: (800) 557-7392 or TDD (800) 557-7395.

5. Cross your t's and dot your i's.
Review your application for accuracy before submitting it, because the lending institution will check to verify that the information you provided is true.

6. Submit your application.
Then wait for the lender to send you back the loan paperwork for your signature.

7. Follow up if you don't hear anything within 24 hours.
Stay on top of this since the deadline is imminent. Make phone calls; send e-mails, if necessary. Try not to make too big of a pest of yourself, but do remind the lending institution of your existence, lest it forgets.

Once your loan is approved, you'll receive notification and a new repayment schedule from your new lender.

Read more: Guide to last-minute student loan consolidation