Different kinds of loans are available to students who need financial help nowadays. Student loans can be broadly divided into federal loans and private loans. Federal loans are those loans that are provided by the Department of Education through its various Federal Student Aid programs. There are many different types of Federal loans that students can avail of, but Stafford loans are the most commonly disbursed federal loans in the country.Even though Stafford loans have one of the least rates of interest, they are in the range of just three to five per cent, a number of people still have problems in managing the repayments of their loans and even default on their payments. In case you feel that you are also facing problems with your Stafford student loans, then going for a loan consolidation makes sense for you. When you avail of a Stafford student loan consolidation program, you give yourself an opportunity to manage your debt better and to get your fiscal life back on track.There are a number of companies that will consolidate your Stafford student loans. Getting your loans consolidated provides you with interim relief from payments and lets you manage your finances better. This is because a Stafford student loan consolidation program gives you a lot of flexibility regarding repayment of the loan and you can easily choose a repayment option that suits your expenses and income structure better, thus leading to much better financial management.On the other hand, the rates of interest on consolidated loans are also generally lower than individual loan rates. So if you choose to pay back your loan over a longer period of time, then you can decrease the value of your monthly installment quite considerably.Another advantage of going for consolidation loan stafford student is that consolidation streamlines your repayment procedures drastically, so that you are left with only a single monthly repayment and a single debtor too. However, while consolidation has its advantages, it has some disadvantages too. Many people chose the plan that offers them the longest repayment period with the minimum monthly repayment amount.While this eases your financial burden in the short term, you end up paying much more than your original outstanding loan as a result of the interest that you pay for a period of ten to thirty years. So it is better to pay off your loans as soon as possible. Most loan consolidation companies do not charge you anything extra in case you want to make a prepayment of your loan amount. So you can choose to pay for a longer period to be on the safe side, but still try to pay off your loan before time.