Once time arrives to repay, debt consolidation goes from an option to a necessity. Here are reasons why consolidating your student loans should be a priority.

– Lower monthly payments

If you stretch out a standard 10-year student loan to 20 years, you can reduce monthly payments on that loan by as much as 34 percent. While it does mean that you will pay out more interest in the long-term, it gives you a change to better manage your finances in the short term. This can be a lifesaver, for example, for a recent college graduate just starting in an entry-level job.

– A single payment instead of many

Most students take out more than a single loan during the time they spend in college. If you have as many as three or four loans that you are expected to repay, it can burn a hole in your wallet spreading out money to meet those obligations. By combining several payments into one simple monthly payment, you save yourself some immediate expenses and relieve yourself of the hassle of being on top of several loan repayments each month.

– Alternative repayment plans

Most lenders and debt consolidators can work with you to fashion a repayment schedule that fits with your current employment situation. If you are on a fixed income, for example, you can opt for an income-based repayment plan. That means your monthly payment would be adjusted accordingly to your income. If you make more money in a month, then you would have an increased payment. However, if your income were less in another month, the payment would be adjusted to compensate.