Graduate Student Loan Consolidation is the best thing that you can do to manage the expenses on your studies and that too without getting caught into any financial trouble. If you have a federal student loan then it should be consolidated into a new federal loan only. But if you have a private loan then you cannot consolidate it to federal loan. You will need to consolidate it into a new private loan. There might be a chance that you will lose some benefits of your earlier loan by consolidating them, so watch out carefully before consolidating the loan. In order to get the lowest interest rate you can apply to many companies that are offering federal student loan consolidation and choose the one, which offers low interest rate.