Government student loans for debt consolidation are a great idea for anyone, interest rates are low. It doesn't matter whether you are in school or have already graduated.

Government student loan consolidation programs can be a wonderful tool to lower payments on your student loans. You may have to go to a longer term than you currently have, but the interest rates right now are great. Everyone who has student loans should at least look into this option before rates go up.

There are few different types of loans and programs available, you will probably want to become familiar with the various options.

Standard Plan: The standard repayment plan offers a fixed-rate plan with monthly payments of at least $50 for up to ten years. Borrowers pay less interest under this plan because the repayment period is shorter.

Extended Payment Plan: The difference between this plan and a standard plan is monthly payments are extended over a period of 12-30 years. If you have a high debt load this may help you reduce your monthly payments but the longer you take to clear the loan, the more interests you will pay.

Graduated Payment Plan: Under this plan monthly payments start out low and increase approximately every two years. The repayment period can be from 12-30 years depending on your debt load.

Income Contingent Repayment (ICR) Plan: Your monthly payments via this plan are based on your income, family size and loan amount.

If you are reasonably close to paying off your loans and you can afford the payments government student loan consolidation is probably not a good option.