A good way to think about consolidating student loans is protection, according to Tom Taylor, CPA/PFS at Taylor & Company in Towson, Md. If you have variable-rate federal student loans, you can convert your variable interest rate to a fixed interest rate.

This protects you from rate increases in the future.

The current fixed consolidation loan rate is 2.5 percent, Taylor said, adding it’s historically low. He also advises to not be in a rush to pay off the loan if you have alternative options available.

To read more and to learn what he says about car loans, click here.