Over the years that you have been attending college, you may have incurred some major debt in the form of student loans. A couple thousand here and there can really add up over time, and now that you have graduated, you might have entered the repayment period or perhaps the time for repayment is near. If you consolidate your student loans now, you can save yourself a bundle of money and have the convenience of making one payment each month versus paying multiple lenders for various loans.Most student loans (with exception to the Perkins loan) give you a window of six months after you graduate during which time you have no payments due on the money you owe. Each of your student loans likely carry varying rates of interest and you may have several different lenders looking for a payment from you each month. Consolidating your multiple student loans into one loan can allow you to make a smaller payment each month and write out just one check to one lending institution.Interest Rates Are ImportantWhen searching for a student loan consolidation package, your most important concern should be the interest you will pay each month. Your goal, of course is to get the lowest interest rate possible on your consolidation loan. Your interest rate should be a fixed rate – never choose a variable rate on your student loan consolidation (you never know the exact amount of interest you will pay because your rate is based on market indexes).You should also consider your repayment terms by determining how many years you are willing to pay on your student loan debt. Paying your student loan off in the least amount of time possible will garner you the best interest rate and the most savings over the life of your student loan consolidation.Possibility Of ForbearanceYour student loan consolidation should also be willing to allow your loan payments to go into forbearance should the need arise. Forbearance of your student loan payments protects you if situations may arise that cause you to be unable to repay your loan for a period of months or years, such as illness or job loss.Option For Early RepaymentLastly, consider a lender who poses no penalties upon you for early repayment. If you have a vast amount of student loan debt in front of you, chances are you may think that there is no possible way that you will pay this mountain of debt off early. But choosing a lender who at least gives you the option may prove beneficial down the road when you have a great job.There are many lenders who consolidate student loans. You might also consider an online student loan consolidation program. Online lenders traditionally offer lower interest rates and more favorable payback conditions than can be found elsewhere in the industry. In addition, you can apply for your student loan consolidation from the comfort of your own home via the secure website of the lender – including signing your application electronically.