Going to college is one of the most important steps in ones life, but it is also one of the most expensive ones. Nowadays, nearly everybody who goes to college has to borrow money from some lender - parents, the federal government, or private institutions.

When one has multiple lenders and is heavily in debt over college loans, there is not much to be done but start repaying them one by one, or to consolidate them.

There are many programs aimed at helping present or former students to consolidate their loans. College debt consolidation has the indisputable advantage that it is easier to manage one loan than multiple ones. Also, since interest rates have fallen, consolidating many debts into a single, low-interest one is a way to decrease the gross payment for college.

When you start consolidating loans, first examine their sources. A rule of thumb is that federal loans, which generally have lower interest rates, are never consolidated with loans from private sources.

Also, the amount of money that you owe is another issue to consider. Many debt consolidation companies do not deal with amounts less than USD 10,000, while others do not have a minimal requirement. Other companies have eligibility requirements so that only graduates can use their services.

By consolidating your college loans now, you can achieve one more thing extend the term for payment to 15 or even 30 years. This can be a partial solution for you, if you now dont have the money to pay it, but bear in mind that by extending the term you will pay much more interest.

With all that said, the decision whether to consolidate or not is solely up to you. Sometimes it proves that the charges for the consolidation exceed the drop in interest, so think twice before you consolidate!