Many students are graduating during Spring 2008. Some students are feeling relieved to finally graduate, but are nervous about paying back their student loans.

Many financial advisers recommend that you consolidate student loans. Consolidating student loans basically means combining your student loans into one lump sum in order to pay back one interest rate. Consolidating student loans can occur with federal student loans. Private loan consolidation is also possible.

The advantage to consolidating student loans is that you'll be able to pay back your student loans over a long period of time with a lower interest rate than if you were paying your student loan interest separately. The disadvantage to consolidating student loans is that it may take longer to pay back your student loans which therefore means a higher interest rate over the longer period of time.

Consolidating student loans is not for everyone. If you are ready to pay off a large portion of your student loans, you may want to consider doing that first before consolidating. It's important to research student loan information in order to see which plan would benefit you the most.

Many students choose the option to consolidating student loans. However, it depends what financial situation you are in.