Due to the credit crisis and economic recession banks are not offering as much money to the FFEL program for student borrowers. So if you are a student looking to restructure your student debt, you can do so with the US Department of Education that is backed by the US Treasury, aptly called the Direct Loan program (article). This will restructure your loan into 20 years so you can afford to live monthly with smaller payments. The official webpage is here. That Direct Consolidation Loan program from the US Department of Education and US Treasury is here.

New students can find more tips at the official Federal Student Aid YouTube Channel.

Why consolidate your student loan? It restructures your debt, from a few years after graduating to a longer period which reduces your monthly expenses, as you climb the economic ladder by career potential.