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Loan Consolidation is a FREE federal program that was intended to give graduates immediate debt relief.

Ok, that's the "canned" answer......

Now, while this is completely true, one doesn't need to look too far and also see that because of the student loan consolidation, you will be inevitably be in debt longer (than if you had not consolidated) so over the long term, you would be paying more if you consolidated. However, because of the fixed rate, lower payments and No pre-payment penalty, its sometimes still a "good" deal…not for everyone…though.

Bottom line, if you want cheaper payments until you win the lotto; consolidate.

If you don’t want to stay in debt longer, don't. Either way the bank is still making money off ya….and that's the price of a diploma...