Student loan consolidation is designed to roll multiple loans into a single vehicle for repayment. Consolidation is often sought out to keep monthly payments as low as possible and also to reduce overall interest owed on loans. While consolidation used to be offered through government-backed agencies, like Sallie Mae, this is no longer the case. Graduates do still have some options available to them, however. When student loan consolidation is desired now, graduates will need to look at private lenders to help. This can have pros and cons. A private loan might offer lower interest and a single payment, for example, but it likely will not include built-in forbearance time on repayment.