"Why should I consolidate my student loan debt?" This is a common question many people ask. For many, the reason they ask such a question is because they do not see the need for consolidating debt. Their budgets may be under control, they live within their means and they have few debts. Based on their present situation, they fail to see any need to put forth the effort to consolidate their balances.

Now, can anyone identify the operative words in the previous paragraph? If not, here is the answer: "based on their present situation". In other words, while the present situation may not reflect a need for reducing monthly payments it is not impossible for a financial situation to take a turn for the worse in the future. In some cases, this will occur even if the individual does not make any changes in their lifestyle.
For example, in 1995, the price of oil was $19 a barrel. The price of a gallon of gasoline was roughly $1.50 a gallon. Today, the price is well over $130 a barrel and gasoline is upwards of $4 a gallon. This, of course, has dramatically impacted many people. If one's car holds 15 gallons and traveling to work requires filling up the car twice a week. This will come out to $120 a week. Now, imagine having to pay $120 a week for gasoline while also making weekly payments of $100 to cover four different student s. Such costs could bankrupt an individual!

While it is impossible to do anything about the price of gasoline, there is something someone can do about those student fees. The debt of the various s can be consolidated into one. This means one monthly payment which can provide great help in combating unforeseen expenses. These expenses include rising gas prices and pretty much anything else for that matter.