Some people experience a major cash drain because of their student loans. How many loans are you currently paying? If you are still in school, how many loans will you have after graduation? Consider a consolidation loan, which can streamline your bill paying and save you money in interest payments and late fees.

With a student debt consolidation program, you will make a single loan payment instead of making multiple payments to different lenders. You may be able to get a lower interest rate depending on the rates on your original loan and current regulations covering student debt consolidation.

You can start the student loan consolidation process by going to any bank that is a member of the Federal Family Education Loan Program, but if all of your student loans are held by a single lender you are required to try the original lender first. The “right of first refusal” applies here, but if your original lender turns you down, you are free to try others. However, if you have all Direct Loans through the Department of Education, the right of first refusal doesn’t apply and you can choose any lender you wish for loan consolidation.

Your best option may be to consolidate while you are still in school or in your grace period. To consolidate while still attending classes, make a special early repayment request from your bank. Doing so eliminates your grace period, but if you are still attending school you are allowed to defer payments by submitting an in-school deferment request.

There are a few caveats to student loan consolidation. You can only consolidate your loans once under the current rules and many lenders require a balance of around $7,500. Never respond to a loan consolidation offer by phone and never pay a fee for student loan consolidation. Prepaying your student loan never carries a penalty, so feel free to start paying on the consolidated loan right away.

Consolidation is only one part of a sound financial plan. Establish a savings goal of at least 10 percent of your income. Place your money into a saving account at the beginning of each month or right after you get paid and you avoid being tempted to spend that money throughout the month. Stick to your game plan and don't dip into your savings unless it is a true emergency. By following these steps, you can accomplish virtually any financial goal you set for yourself. Financial responsibility, while not always easy, pays off in the long run.

If you want financial security, it is important to establish a budget that includes planning for your long-term financial goals. With the right planning and some smart reorganizing, you can begin your journey toward financial freedom. Whether your long-term goal is to purchase a house, start your own business, build a nest egg or simply get out debt, start by establishing a regular budget and stick to it.

How do you spend your income? Separate your necessities into categories such as rent, groceries, health care and auto expenses. Track everything you buy; without detailed tracking, you may not realize where your money is spent each month. That five dollar latte you get every morning? The $20 public transportation pass? Mark it down, you may be surprised at how fast those little expenses add up.

Do you the time it takes to find reliable student loan consolidation services? Let Exchange Place connect you with up to four providers of student loan consolidation services in New York and New Jersey.