More and more students are opting to consolidate their multiple loans to reduce their monthly payments. For recent college grads,your new career will bring you a stable monthly income (hopefully!), but there will also be other things to consider, such as grocery bills, rent/mortgage, and other monthly bills. If you consolidate all your multiple student loans under one loan program, your monthly payments will not feel like so much of a financial burden.Most student loan consolidation rates are designed to make your finances much more manageable, and when you are fresh out of college and beginning your new career, you would not want to be burdened by huge debts or high interest rates. Student loan consolidation rates that offer the lowest possible interest rates are what most students are looking for to simplify their finances. Therefore the main focus is to look for a student loan consolidation program that offers attractive interest rates. Sounds easy, but it’s not always that way. Plenty of due diligence on your part is required in order to find the best deals.Rising costs of living as well as spiraling education costs compel college students to take out multiple student loans – often times 10 or more. It is always a good idea to consider consolidating these loans at the lowest interest rates possible to help reduce monthly payments.There are many ways of looking for student loan consolidation rates that fit the bill – one option is to look for consolidated student loans that offer fixed student loan consolidation rates. This means that the rates on these loans will remain fixed throughout the period of the loan, irrespective of the changes in the interest rates of the market. This is a huge advantage as you can continue to pay the same interest rates throughout the period of your loan without having to worry about the changes in the market, such as inflation or any other economic change. However, it should be noted that there will be times when banks could bring about changes to your interest rates, so stay vigilant.The other option while looking for student loan consolidation rates is to opt for a variable interest rate loan. Through this loan program, your rates will change as per the changing interest rates in the market. This also implies that the amount of your monthly payments will vary according to the changes in the market situation. It usually doesn’t fluctuate very much – maybe 1% per year – but it is possible to fluctuate much more due to large economic swings. In other words, it can be risky but also a good move in some situations.Both fixed and variable rate loans have their pros and cons; a fixed interest loan may be costlier to start with, however if market value for interest rates go high, fixed interest loans will always be a better choice than variable interest loans.