College graduates should be able to consolidate private student loans as well as federal loans. Entities, such as Sallie Mae, have made it impossible for graduates to keep up with payments on multiple loans since they have abolished a consolidation program. There are less than 3 banks in the US who will refinance student loans and those will understandably not offer loans to recent graduates with little or no credit. Most of these loans were originally taken out thinking Sallie Mae was a government entity and would therefore, upon graduation, be able to consolidate those loans. Many graduates have been left in a state of near poverty trying to repay their loans or their credit is in a close to hopeless situation.
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