For most of us, when we go to college, the financing is patchwork at best. We assemble it a little bit at a time, much the way be might put together out student look bedding and bath items.

Deciding whether you should consolidate your student loans will depend on a number of factors. The first thing to consider is the cost of the finance. Is the interest rate for a consolidation student loan going to be at a higher or lower interest rate than the average cost of your existing student loans? Bear in mind, you cannot just take the quoted rate on each loan, say five loans, and divide by five. You will instead need to add up the total interest per month, divide that into the total payment per month, and then multiply by 100 to get the percentage cost. You can then compare this to an on-line quote for the monthly cost of a new loan.

There are a number of pros and cons to taking out new financing. Merging several payments each month into one is not the only consideration. You want to make sure you still have funds available for buying your customary make-up and beauty aids and such.  Besides, you might be able to change the payment dates to be on the same date each month or to spread them out over the course of a month to make them easier on your cash-flow.

It is also a good idea to review the terms of each loan versus the consolation loan. Do you have the flexibility to extend the repayment period by taking a repayment holiday? Alternatively, can you restructure the existing loans to better suit your needs?

Lastly, it is helpful to consider who are the providers of the loans themselves. Are they easy to contact and discuss the details associated with your loan? Does the new provider have a good reputation for customer service?