You may graduate with four or more private loans from different sources, producing four or more different payments. It is possible to refinance all those loans, using a new private consolidation loan. Consolidation may be advantageous if it reduces your interest rate, gives you a fixed rate instead of a variable rate, or extends your payment period. Making a single payment is also more convenient (but less important). However, consolidation usually requires more prepaid fees - and you will not get a refund of the fees you paid for the initial loans. You should carefully weigh any added fees against any benefits of a proposed consolidation loan.