Many graduates nowadays are having problem repaying their student loans and looking at the current economy situation, it is not uncommon that graduates are applying for deferment or forbearance for their loans. How about the graduates who are not qualify for both deferment and forbearance? Do they have to default their loans?If you are one of them, you might want to look into student loan consolidation. This program was designed to bring your multiple student loans into one low interest and manageable monthly payment.If you want to consolidate your loans, you have the option to do it with the federal government or private agency. And to let you know, both of these programs have their own pros and cons. For starter, you can enjoy fixed rate with the federal government student loan consolidation. Although private agency will consolidate your loans with fluctuate market rate, they do offer complimentary packages to bring out their unique service. Since every loan consolidators offer different packages, you have to research and look into each of them before you decide which to go to.By the way, please remember to discuss with your loan consolidators about the repayment plan that suit you the best. Remember, one man’s meat is another man’s poison. The repayment plan that suits best for other people might not be the one you need. You can have a hard time juggling between your consolidation and your life when you choose the wrong plan.Now, student loan consolidation is still a loan and you still need to pay it back. It is not that you are enjoying low monthly payment that you are free to spend. In fact, you have to be more diligent during your spending because you don’t want to spin yourself into a new debt. You can be in deep trouble if you defaulted your consolidation.If you really need to have credit card, only buy the things that you can afford and remember to clear your bills every month. Never for a moment think that you will be alright by paying the minimum monthly payment. This is because the interest rate is going to multiply on your outstanding balance and eat deeper into your wallet.