Money problems are no longer a hindrance for someone to enter college. There are many financial aid plans students can take advantage of to fund their college finances such as federal and private loans. However, the borrower should practice effective money handling as not to fall into a debt trap.Having multiple debts is indeed stressful especially if you’re a student. Instead of focusing on how you’ll stand out in class, you now transfer your attention to your money issues. Fortunately, there are ways on how to solve this predicament.Honestly, after college, you’ll be starting a new life and believe me it will be very hectic for you. Imagine yourself after graduation, can you still manage to handle a number of loans up your sleeves?You may choose to merge your loans if you are maintaining various debts with a number of lenders. People opt to merge their private student loans for a number of reasons. Merging your student loans basically means that you’ll find a legitimate creditor to coalesce all of your student debt into one manageable loan. With that you don’t have to maintain a number of loans and payment, you’ll just have to be responsible in making one payment to one lender.Benefits of Consolidating Private Student LoansConsolidating your private student debts allow you to enjoy a number of great benefits.First, you are guaranteed of a lower payment. By consolidating your mortgage you will get the stress off your shoulders by getting your periodic payments lower than your original payments.Second, you are required to only make one payment to one creditor. Instead of worrying because of your various student loans and payments, you will only be responsible to one simple periodic payment.Third, you can enjoy a low fixed interest rate. When you merge your private student loans you will have a lower and fixed interest rate, which will lower your long term and general payments to your creditor.Finally, by merging your private student loans you’ll improve your credit standing, in view of the fact that by combining your mortgage the better your credit record will appear to creditors.Can I Combine my Private Student Loans At A Fixed Rate?The answer is a definite YES. Fortunately, there is a way you can consolidate your private student debts. Besides, you can also combine all your student loans too.Given that information, what you need to do is consolidate first any federal student mortgage you may have. After which, you may merge all your private student loans. You’ll certainly save a lot through this. Consequently, you’ll lower your interest rates, have only one or two lower periodic payments, and you’ll greatly improve your credit standing.If you are merging your private student loans, you will be merging those student financial aid loans that are non-federal excluding Perkins and Stafford. Luckily, you can also take in other amount outstanding in this private student debt consolidation, like credit card debts. Just make sure that it was used in education purposes.Nevertheless, make certain that you do not merge all of your mortgages like the private and federal. If you do, you’ll definitely lose out on some savings with the interest rates you’ll acquire. You can still merge these mortgages but do them individually. By doing so, in time, you’ll save a lot money.