First, you may get a lower interest rate by consolidating your loans. Second, you may have additional repayment options, including a 15- or 30-year repayment plan, compared to the traditional 10-year repayment plan. If you can lower your interest rate or get a longer repayment plan, student loan consolidation may be a good option for you if you can't afford your current student loan payments. Be sure to determine whether you will get these benefits before you actually consolidate. Refinance Your Student Loans You may be able to refinance your student loans to get a lower interest rate, which would lower your monthly payments. However, be careful when refinancing federal student loans, because you can currently only refinance them through private lenders. This means that your otherwise federal student loans will become private and you will lose forgiveness options and income repayment plan options through refinancing. If you are fairly certain that you will be able to pay off your debt if you refinance, then this may be the option for you. Just make sure you've thought it through! Don't let your loans go to waste