What are the tips for students for taking the best student loan consolidation rates? First and for most make sure you keep a close eye on interest rates. As to have the private student loan application, you are required to fill in simple details about yourself and your educational qualification. This is key in the student loan consolidation process. Likewise, you need to give essential information about your co signer for the loan. When this is complete, the loan company instantly reconsider your application and verifies your credit data and lets you know the student loan consolidation rates and the other terms applicable.