If you are applying for a student loan you may be offered something called a 'consolidated student loan'. Simply put this is a loan that combines all your different student loans into one loan from one organizations. Be informed before you accept such a consolidation loan.

If the interest rate on your older student loans is significantly lower than current interest rates offered then consolidation may not be a good thing to do. If you have loans that are at 3% it makes no sense to consolidate them into a single package at 6%.

Before accepting that consolidation loan ask about the interest rate. Is it fixed or does it vary with time? What are late payment penalties? Under some plans your interest rate may increase if you are late on a single payment.

Learn all you can about the loan packages offered you before you sign.