I am already consolidated, can I consolidate again? Can I delay my application so I dont lose my grace period? Will consolidating clear the default notation from my credit? This allows your payment to be based on your annual income, which often times will allow you to qualify for a very small payment and in some cases even a payment amount of zero.

Last week I was talking with Andrew Josuweit about the best way for graduates to go about repaying their student loans.

Josuweit is the CEO of Student Loan Hero, a free Website that helps graduates manage student loans.

Students are burdened with student loan debt like never before.

Americans owe over $1.4 trillion in student loan debt and the average graduate walks away with $37,172 in debt.

Can consolidate my loans or apply for government programs myself? You can certainly contact the Department of Education and see what programs you qualify for and apply.

We find that many consumers prefer to work with our company since we have expertise work on their behalf to educate them about the programs available to them and streamline the process to get them in the pest programs for their situation.

If you are already consolidated but have one loan which is not, you can add that one loan into the consolidation.

Is there a minimum or maximum loan amount that qualify? If you are in default, you can consolidate under the Income Contingent Repayment Play or Income Based Repayment Plan.

As you weigh the pros and cons, keep in mind that timing is critical.