There are a few ways you can go about getting lower monthly student loan payments. However, you must be very careful which way you choose to go about it because student loan debt is not like other kinds of debt. Therefore, if you want to save money you must do it properly.Almost all countries today are suffering from global economical crisis and people are trying everything they can to save what little money they could save for emergency use and for their future.But when we talk about education parents are doing their best to send their children to school, that’s also one of the reason why they are working so hard. Parents can do anything for their child, which is why some of them get loans just so they can pay for the tuition fees especially for college.A loan is a form of financing where you borrow money from the bank to buy something or to pay for something. But you will have to pay back the bank the amount you borrowed plus the interest.There are many loans that are being offered to customers and one of these loans is the student loan. There are two types of student loan the federal loans which are offered by the government and the private loan which are from the private lending companies.The federal loan is said to be cheaper compared to the private loan. The private loan is much expensive because it is generally an unsecured loan, so they will charge you with higher interest rates. You can pay your students loan after your graduation and you find out that the amount you have to pay is more than you could handle.One way to help you lower your monthly student loan payment is by consolidation. Here is some advice and tips for you to consolidate your loan.You have to do some research first about consolidation loans and see if you qualify to get a student loan consolidation. One of the qualifications is you must have finished school, and you can’t be enrolled in some programs you also have to determine which loan will qualify for it. You also need to gather all your billing statements and loan papers so that it would be ready in case you need it.Second you have to see and choose which lending company you have to pick. There are some companies that will offer you discounts or lower interest rates but in some companies state that consolidation disqualifies you for having this discounts. So it is really important for you to read the fine print in each consolidation application that you have to compare and see which will give you the best option.You also have to know that while applying for a consolidation will lower your interest rate you will still be paying more interest on the loan.When you have decided you then have to fill up the consolidation application and don’t forget to read and understand the terms.When your consolidate loan is accepted you have to double check the paper and your interest rate, also check if everything is well and that there are no mistakes.Education is one of the important factors that everyone should go through for this is the only thing that parents could give to their children that can’t be stolen by anyone.