You may end up paying more in total interest after you consolidate your student loan debts.

I’ll also share my own experience in consolidating my student loans.

There are several reasons why you may want to consolidate your student loans.

You may be able to extend your repayment terms, pay a lower average interest rate, reduce your monthly payment amount, fix your interest rate or simply benefit from having a singular, simplified and streamlined monthly payment amount.

However, loan consolidation is not always the answer.

Consolidating multiple loans means you'll have a single payment each month for that combined debt but it may not reduce or pay your debt off sooner.

By understanding how consolidating your debt benefits you, you'll be in a better position to decide if it is the right option for you.

Many students graduate with more than one student loan, and some graduate with as many as a dozen or more.

If you currently have multiple student loans, you could benefit from a consolidation loan on your student debt.

Have you asked yourself, “Should I consolidate my student loans?

” If you have student loans, then you probably have.

Your grace period on some loans could end prematurely, or you may end up consolidating at the wrong time – too early or too late.