So you’ve finished college and decided to consolidate your loans into one monthly payment. Great! Consolidation will help you pay off your student loans while maintaining manageable monthly payments. Next it’s time to make a decision about student loan consolidation rates.When it comes to student loan consolidation rates, there are two types you can choose from which both have pros and cons. You can either choose a fixed interest rate or a variable or adjustable rate. Fixed rates are great because they are pretty much set in stone. This takes the guess work out of what your loan payment will be each month.It will always be the same so you don’t have to worry about any bad surprises. That’s the upside when it comes to fixed interest rates. However, this same thing can be a downside. Let’s say interest rates are cut significantly. If you choose a fixed rate you won’t be able to benefit from the rate cut.Additionally, you can also choose a variable or adjustable student loan consolidation rate. This type interest rate will fluctuate as the federal rate changes. In some cases this can be great for you because your payment could drop significantly. However, by the same turn, it’s also possible that your payment could also be increased significantly if the federal rates go up.Basically, it’s really a gamble when you chose a variable interest rate. It could work out great for you however on the same token it could turn out to be a bad decision.Ultimately, when deciding on student loan consolidation rates, it comes down what’s most important to you. If you’re willing to gamble a little in order to get a great rate why not try a variable interest rate. However, if you need a consistent interest rate with no surprises, it’s best to go with a fixed rate.