Government student loan consolidation is a great idea, as interest rates are at record lows, no matter if you are an undergrad, or have already graduated.

Government student loan consolidation programs can be a wonderful tool to lower payments on your student loans. You may have to go to a longer term than you currently have, but the interest rates right now are great. Everyone who has student loans should at least look into this option before rates go up.

Some of the benefits of consolidation include: Protecting your credit rating, You can save money over the life of the loan.

There are also programs for those of us who may have had a stumble or two. For those who have several student loans, government student loan consolidation will combine them into one lower monthly payment. For many people this makes managing your monthly bills easier.

If you are reasonably close to paying off your loans and you can afford the payments government student loan consolidation is probably not a good option.

It is always better to be out of debt completely than to prolong it with lower monthly payments. Refinancing any loan than will soon be paid off is never a good idea, remember the ultimate goal is to be out of debt completely.

Government student loan consolidation should be used as a tool to get a better start in life. After graduation the majority of students today face overwhelming debt that has accumulated during their college years. When you add to that the debt of buying a home and starting a family, the pressure can quickly mount as you are trying to start a new career. I encourage everyone no matter what their circumstances to always take advantage of each opportunity to strengthen your financial standing.