Many of last spring's college graduates will soon be facing an important decision: how to repay their student loans.

As their six-month loan-grace period nears an end, the biggest choice these graduates face is whether to consolidate all their federal student loans into a single loan at a fixed rate. Most financial advisers say that interest rates are likely headed higher and that locking in a rate is the best option.

Graduates must decide among a variety of repayment choices, including the ability to stretch repayment for up to 30 years. Lenders also are making it easier for student borrowers to adjust their repayment arrangements online. But some experts say that because student-loan rates are comparatively low, it could make more sense to repay other debt first while making the minimum payment on student loans.

Student loans under the government's popular Stafford program, which are the most common type of education loans, let students borrow up to a certain amount each year, based on their year in school. The loans can be made by various lenders and are backed by the federal government. Under government rules, the loans have rates that readjust each year, but can't exceed 8.25%. Repayment is initially scheduled over 10 years. Students also can take out private loans, which aren't subject to the same standardized terms, to cover expenses that exceed the size of their federal loans.

Rates on Stafford loans readjust every July 1. Students and graduates can consolidate their loans anytime before then to lock in the current rate, which is 4.75% for those still in school or in their grace period and 5.375% for those in a repayment period. The rates are among the lowest on record. By contrast, most banks' prime rate, a benchmark banks use for most consumer loans, is currently 7%.

For students holding other kinds of federal loans, such as Perkins loans that carry a fixed 5% rate for the life of the loan, the consolidated rate would be based on the weighted average rate of all the debt being combined. Repayments can be stretched out over various periods. But only students with loans totaling $60,000 or more can stretch repayment out to the maximum 30 years.

On top of lengthening the term, lenders also offer several monthly payment choices: Level repayment means paying a constant monthly sum over the loan's term. A graduated repayment increases monthly payments over time. And an income-sensitive repayment plan provides for borrowers to make monthly payments based on a percentage of earnings.

Many lenders, and the companies that sometimes service their loans, are making it easier for borrowers to change their payment schedules or make extra big payments -- even when monthly payments are automatically withdrawn from a bank account. Student lender Sallie Mae recently enhanced the "Manage Your Loans" feature on its Web site to allow borrowers to increase their payments in a particular month or to request a shorter term. Those scheduled to pay off loans in, say, 30 years, can request that they be moved to a 10-year repayment schedule, which would require higher monthly payments, says spokeswoman Martha Holler. The site also lets borrowers switch the type of repayment plan.

Other lenders also let borrowers make a one-time extra payment through their Web sites, or by mail. If you do that, it is important to tell the servicer to apply your overpayment toward the loan's principal -- not future interest payments, says Cheryl Resh, director of the financial-aid department at the University of California at Berkeley. "You want to make sure you're getting the most bang for your buck" by paying down principal.

If a tough financial situation has you craving relief on your student loans, you can usually get that, too. Just make sure to talk with your loan servicer before your loan goes into default and ruins your credit. You have two main options for postponing payments: Borrowers with certain economic hardships -- or who are back in school -- can qualify for "deferment" under federal rules, while "forbearance" is at the lenders' discretion.

There may be good reasons to hold off retiring student loans, some experts say. Many graduates have locked in rates below 5% in the past few years. With rates so low, it is often wise to pay off debt with higher interest rates first and even start funding a 401(k) or build up some emergency savings before worrying too much about repaying student loans fast. And for many just starting out, saving for a down payment on a first home is a higher priority than paying off college debt. Still, student loans are real debt, and borrowers can reap some nice savings by paying them off sooner rather than later.