If you are facing a pile of student loans you may want to consider student loan consolidation. Getting a college education these days can be pricey. Most people have no other options than to take out school loans. When you take out the loans you probably did not think about paying them back. Once you graduate, reality can hit hard. When the first bills arrive you may find yourself wondering how you are going to afford to pay them. Let’s take a look at how debt loan consolidation might help your pay off your debt more quickly.If you have all federal student loans you will want to look at the federal school loan consolidation program. This program is funded by the government and is specifically designed to help those that have federal loans. How it works, is you will apply for the consolidation. If you are approved, the government pays off all of your loans and lends you the money for the combined total of all the loans.There are some great perks to this federal program. You will now have just one monthly payment, generally with a lower interest rate. You also may have the option to defer payment for up to 3 years. You can also take advantage of spreading out your loan payments over a longer period of time. This makes the payment much more affordable.If you have private student loans you may also be able to find a student loan consolidation program. You will want to look around to different banks and lending agencies and compare their programs. Fees can vary.Pay particular attention to agencies that have high fees and revolving interest rates. You most likely will want to keep looking until you find a more favorable offer. Ideally, you will want to find a loan that has a better interest rate than what you are currently paying. You may also want to find one that will allow you to stretch out your payments over a longer time period in order to lower your monthly payment.As you can see there is relief out there for your loan payments. You may have to do some shopping around, but it will all be worth it. Student loan consolidation truly can be the answer to your financial worries.