To choose a loan consolidation service, check these 4 facts about each one you consider:

1. Are they reputable? Find out how long they have been in operation. Also, find online blogs and other social media sources that contain people's comments about the company, whether favorable or unfavorable.

2. How are their rates? Check the company's stated student loan consolidation interest rates on their website. (Understand that, for private loans, the rate you actually pay will vary based in part upon your credit score).

3. Any specials? Look for any specials the company may be offering.

4. Do you qualify? Of course, you will want to apply for a loan to see if you qualify. Be sure to apply with multiple vendors to get the best offer.

After comparing the loan terms of 3-5 loan consolidation service lenders, choose the one that gives you the best offer. Doing this extra bit of work could save you tens of thousands in interest over the life of the loan.