With the constant rise of tuition costs, many college students are opting to apply for student loans. As a result, a large majority of graduating students end up with multiple loans. Unless they’ve graduated with a degree in finance, most students don’t understand how to responsibly handle a large amount of debt. Fortunately large banks and financial institutions recognize this and now offer student loan consolidation advice and services.There are a multitude of programs available to graduating students that can provide you with excellent benefits which can reduce your interest as well as providing an overall better loan in your terms. When you decide to consolidate your student loans, you are lumping them into a single lower interest, lower monthly payment. This provides easier money management and less hassle so the student can get on with their careers, instead of focusing on debt worries.If you are considering consolidating your student debt, you need to be aware of the pitfalls that may cross your path. The overall goal here is to save money and to restructure all of your loans to fit your budget and needs better. Don’t lose sight of your goal. Many consolidation companies may entice students with lower monthly payments, but higher interest rates. The lower payment may seem appealing at first, but you may end up paying much more in additional fees and finance charges. The only loan you should consider is one that saves you money and time in the long run. A good consolidation company will provide you with a plethora of options that can do both.Another pitfall students may face when trying to consolidate is bad credit or the lack of credit. Graduating students should not be expected to have several years of credit history like their parents who have most likely paid off many cars and even their house. A good consolidation company recognizes this fact and many offer suitable terms that can help any student regardless of their credit situation.A specific list of student loans, offers, terms, and interest rates is beyond the scope of this article. However, by using the power of the internet you can search and compare consolidation companies nationwide. When comparing companies, be sure to list the pros and cons of each, as well as listing the fees, charges, interest, and monthly payments of all your options.Now that you are armed with the right knowledge, you should be well prepared to take the next step and find the perfect loan for your needs.