There’s no way around it. If you took out student loans to pay for college, you have to pay them back. That can be problematical to do, whether you’re still in school, trying to start your life outside it, or even 10 years down the line. You borrowed the cash, you used it, and you have to pa y it back.

What happens when that means you have to pick between paying all your bills or just those? What happens when those great debts get in the way of putting cash together for a house, or a car, or a family? It just doesn’t make sense to walk through life incurring the debts of living while you’re still dragging around the ones from school.

Luckily, there’s a solution. You still have to repay what you borrowed, but with a student loan debt consolidation make monthly payments to only one lender.

Think of it as refinancing. The cash you borrow from one lender pays off the cash you owe to all those other lenders. No more juggling what’s due to whom and when. Not just that, the interest rate on the student loan debt consolidation is the weighted average of those other loans, making it lower on the whole and bringing your monthly payment down as a result. Some student loan debt consolidations are settled at a fixed rate, so you don’t have to be troubled when July 1 rolls around each year that your payment will go up.

Among the student loan debt consolidation available, there are in point of fact four different student repayment plans to research and one is bound to be just what you’re in search of.

If the idea of a fixed rate really appeals to you, consider either the Standard Repayment Plan or the Extended Repayment Plan. The Standard Repayment Plan gives you a maximum of 10 years to repay, but payments are separated within that time limit at a fixed interest rate.

Extended Repayment Plans relieve the inconvenience of monthly payment amounts still further by stretching the time to pay off the loan to between 12 and 30 years (depending on the whole amount borrowed). Again, the interest rate is fixed for that time period, and the payments are lower. Be aware that over time, you will end up paying a larger amount, but the monthly payments will be easier to bear.

The Graduated Repayment Plan in addition allows you to spread your monthly student load debt consolidation payments over a period of between 12 and 30 years, but in this case, the amount of your monthly payment will boost each two years.

The fourth plan appeals to a number of individuals because it takes into account what’s going on in your life. In the Income Contingent Repayment Plan, a reasonable monthly payment amount is determined based on your annual gross income, family size, and total direct student loan debt. Another advantage of this student loan debt consolidation repayment plan spreads the payments over 25 years.

If you’re close to the end of your student loans, consider carefully whether taking on a new loan is worth the time and effort. However, if you still have a long time to go and lots of payments ahead of you – and you’ve already exhausted the deferment and forbearance options on your existing loans – making a fresh start with a student loan debt consolidation may actually be to your advantage.

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