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Consolidation provides grads with the ability to combine their student loans into one megaloan, but it comes with drawbacks.

Loan consolidation is when a borrower takes out a new loan to pay off several smaller student loans.

Instead of making multiple payments to multiple lenders, the borrower only has to pay off the new consolidation loan, says Michelle Pezzulli, vice president of operations for Credit Union Student Choice, a student lending service provider in Washington, D.

Along with gaining a new degree, many graduates will also leave campus with new student loan payments they'll have to fit into their post-graduate budgets.

Here's what you need to know before deciding to consolidate student loans.