So, you're most likely finishing up college and you're trying to think of the best strategy possible in paying back your loans.

Have you thought about consolidating your student loans?

Consolidating student loans can occur with federal student loans. This is a great idea because it essentially compiles all your federal student loans into one lump debt. The result is a reduced monthly repayment and a longer term for loan. Unlike other loans, there is a fixed interest rate for consolidating student loans.

Both the Federal Famlly Education Loan Program and the Federal Direct Student Loan Program include consolidation loans for federal loans. Example of federal student loans are the following: Stafford Loans, PLUS loans, and Federal Perkin's Loans.

Consolidation loans have longer terms than other loans. Debtors can choose a term that lasts from 10-30 years. The disadvantage of consolidating student loans is that although the payments are lower, over a period of time it may amount to more.

Consolidating student loans is not for everyone. Some important features, such as a grace period and special forgiveness circumstances are not carried over to the student loan consolidation.