Is it possible to consolidate school loan debts to lower my payments?

You’re mostly right. There is no legal “right” to consolidate debt, including school debt. However, there are programs that will help you do this. In particular, there are federal programs under student or school loan consolidation is subsidized for lenders, to make it more attractive (and therefore likely!) for them to offer consolidation.

The advantages of federal consolidation are several:

• The interest rate for the consolidated loan is a fixed rate, capped (currently) at 8.25%, based on a weighted average of your existing loan rates. While it’s not given that it will be advantageous for you to role several loans up into one loan at an average rate, if you had a few loans at a high rate, it will likely help lower your monthly payment. This is something you should discuss with a lender, when you are exploring consolidation.
• You have the opportunity to extend the repayment period, which will help reduce your monthly payment.
• It may simplify tracking and paying loans—one loan is easier to administrate or bookkeep than 3, 4, or more.

There is a significant caution with any sort of loan consolidation, including federal consolidation: it’s a one-way street. That means that once you consolidate loans, you cannot go back and “unpack” or unconsolidated them. (That’s because the original loans are paid off with the consolidating loan—they no longer exist.)

If you extend the repayment time, while you will reduce the monthly payment, you will increase the total interest you will pay over the lifetime of the loan.

You can’t pay the loan off “piecemeal,” knocking down principal and interest, the way you can when you have several smaller loans, which you can focus on paying down one at a time (assuming you have the ability to pay extra towards principal). It’s all or nothing, since the individual loans are replaced by a single large consolidation loan.