For many of the 44 million young Americans saddled with significant student loan debt, the choice to consolidate student loan obligations can make a lot of sense. Student loan consolidation not only offers the opportunity to simplify the monthly payment process through one streamlined payment per month, but it can also relieve a measure of financial pressure by reducing the overall monthly payment. Payment plans can be structured according to income level, so if a borrower's income is low, the required payment can be reduced sharply. However, this reduction comes at a significant price. Even though the monthly payment gets reduced, the principal amount owed on the loan does not. Therefore, the amount of time that it will take to fully repay the loan extends, and this results in higher total interest expense over the life of the loan. Separately, there are a number of student loan forgiveness programs that can help alleviate the stress that comes with high levels of student loan debt. The Public Service Loan Forgiveness (PSLF) program is available to full-time employees of federal, state, and local government agencies, as well as employees of 501(c)(3) non-profit organizations, as well as non-profits that provide qualifying public services, and Peace Corps volunteers. Requirements for PSLF loan forgiveness include a full ten years of on-time monthly payments (120 payments), full-time public service employment at a qualified employer, and participation in a qualified income-based repayment plan. Federal Perkins Loan cancellation is useful for full-time educators including teachers, librarians, speech language pathologists and professionals within HeadStart programs. Additionally, full-time firefighters, nurses, members of law enforcement and the military also can qualify for Perkins Loan Cancellation. Under this program, it is possible to have 100% of a remaining Perkins loan obligation forgiven within five years, with forgiveness granted at 15% in years one and two, 20% in years three and four, and the remaining 30% in year five. The Teacher Loan Forgiveness (TLF) program awards qualifying teachers a tax-exempt reduction ranging from $5,000 to $17,500 in principal owed on student loan debt. To qualify, a teacher must have worked full-time for five consecutive years at a certified low-income elementary or secondary school included on a list published annually by the U.S. Department of Education.