Consider student loan debt consolidation to make repayment simpler and cheaper. Student loans traditionally have low interest rates anyway, but by consolidating them, you'll have only one payment and you may be able to secure a lower interest rate. An important point to remember is that the government will only allow you to consolidate your student loans one time. You should wait until the interest rates are optimal before you proceed with the consolidation. Once you consolidate, the single payment, lower interest rate and the new term will mean lower monthly payments and money saved.