The financial crisis hit the whole world badly. Since last year, many fresh graduates have been trying extremely hard to get themselves jobs in this economy. As a result, there are too many recent graduates who totally can’t afford to make the payment for their student loans.If you are one of the “victims” in the group, don’t be panic! There is a proactive approach that can help to solve your current problem. It is possible for you to consolidate all of your student loans into one loan. By having loan consolidation, you not only reduce your interest rates and your monthly payment, you can also extend your loan repayment period.There are 2 main types of study loan consolidation programs currently, i.e. federal and private student loan consolidation. All the companies that are providing loan consolidating services for both programs are regulated by federal and state law. However, the consolidation rates vary from one company to another. If you have both federal and private study loans, you are advised to put your priority on consolidating federal loans. This is because this type of consolidation program offers lower interest rates and longer repayment period up to 30 years. On the other hand, if you only have private student loan, then you can look for any bank or any lending institution that offers the best consolidation package that suits your needs most. The private loan consolidation rates normally are relatively higher compared with the federal ones.Your important task is to find out the best package that provides you the solution to extend your repayment during your unemployment period. You may be too stressful when you can’t find a job and yet you need to pay back your study loan. With this consolidation program, you will be relieved.