In highlighting the difficulties faced by the average American, Presidential Democratic nominee Barack Obama told supporters that he and his Princeton University-educated wife finished paying off their student loans about five years ago. Coming from someone who's obviously accomplished and well-educated, this statement is startling, to say the least.

But it is true. Even this Harvard University law graduate had to struggle with his student loans long after he finished college. It was not until the books he wrote became bestsellers that Obama and wife Michelle got rid of the debts that, in many ways, made them who they are right now.

Like the Obamas, millions of college graduates have empty pockets and enormous debts as a result of the high costs of tertiary education. A crippling burden, especially since these young bloods are still building their careers (read: looking for jobs) and along with it their financial capability.

As in every problem, there's always a very promising way of freeing yourself from all these payment dues. And no, I'm not talking about getting a book deal - let's face it we're no Barack Obama (who graduated magna cum laude and became the first African-American to hold the post of president of Harvard Law Review), even our names don't sound so cool. The option I'm opening up is called student debt consolidation, something which every college graduate should be more than capable of accomplishing with ease.

Through debt consolidation, all the loans a student incurs to pay for his educational expenses - tuition, books and dormitory fees - are merged into a single account handled by one company. This offers reprieve in two ways, a single bill and a uniform interest rate.

When a graduate enters into this mode of payment, he is going to pay one smaller single bill because the different interest rates charged to him by other creditors is now replaced with one rate under the new company.

A graduate therefore gets rid of making as much as eight to ten regular payments to the banks or loan institutions. The fact that each individual amount may be lesser compared to the consolidated payment matters not at all. When you add up the total interest of the unconsolidated loans, the dues would still be significantly higher.

Now, what are you waiting for? Find out which financial institution or bank gives you the best deal.