Once you have decided to begin the consolidation process, the most logical option is to contact one of your current lenders. Most of the lenders for federal student loans will be happy to buy out the loans from your other lenders and consolidate them for you. Be sure that you ask about the difference between private and federal student loans; because many lenders treat them very differently during consolidation. You may also need to specify that you are interested in locking in the lowest interest rate possible for the life of the loan. If you are a married borrower and your spouse also has student loans, the lender may suggest that the two of you consolidate all of your loans together, for one lower monthly payment. Be extremely wary of this option: by combining all of your loans into one, you are taking joint responsibility for the debt. This means if one of you dies, the other spouse continues to be responsible for the loan; it also means that, in cases of divorce, you must go through the process of attempting to divide the debt.
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