Want to consolidate your student loans? It's a good idea, since it can mean locking in a low interest rate for life. And changing to a new lender may have other advantages, too, since another lender may offer better perks and benefits. So as you search around for a Student Loan Consolidation Lender, remember to look for these three things:

ONLINE ACCESS

Online access simplifies the entire process, from application to payments. You'll be able to apply online instantly without the hassle of dealing with a lot of paperwork (although you may have to sign some official papers before the consolidation is complete). Once your loans are consolidated, you'll be able to check balances, make payments and change all your information by simply accessing the lender's website.

RATE DROP FOR ELECTRONIC PAYMENTS

Some Student Loan Consolidation lenders offer a bonus if you decide to make electronic payments. You'll need to give the lender your banking information--such as your bank account name, number and the routing number of the bank. Then you designate the amount you want to pay each month. Once it's set up, your student loan payment is automatically debited from your bank account on a designated day. In many cases, if you make this type of arrangement with your Student Loan lender, they'll automatically drop your interest about 0.5%.

RATE DROP FOR ON-TIME PAYMENTS

Just as some lenders will drop your rate when you sign up for electronic payments, others will give you a lower rate once you have a history of on-time payments. This means, however, that you never make a single late payment--or, if you signed up for electronic payments, that the money is always available in your account when the Student Loan company attempts to debit it. Once you have solid history of on-time payments--usually 6 months or a year--your Student Loan company will drop your interest rate about 0.5%, which means even more savings for you. Here is a list of recommended Student Loan Consolidation Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.

To get the best of all worlds, find a Student Loan Consolidation company that offers all these perks and deals. Follow the guidelines, and you'll have a super-low interest rate in just a short period of time.