A great percentage of students while pursuing higher studies in various areas, feel the definite urge to take loans through different channels in order to cope up with the financial problems and they tend to pay it up with parts of their income from the job, after their graduation. However not all students are able to do the same. As some students can’t sustain the pressure or the amount is bit too much for them to pay up.Some go bankrupt and some through different phases so as so that they become unable to pay up. The consolidation channel brings some relief to these category people providing some relatively easier considerations. With increased cases of bankruptcy of loan holders, many governments including Canadian government has sighted huge problems in giving loans to much number of students, which has resulted in increased level of amount of loan in the existing students who have already taken up loans.Canada is known to have weaker economy and hence the jobs that its public and private sectors provide are relatively low-paid ones. Hence most of the students are not able to do justice to repayment of their bank loans and result in further problems. So in this case, consolidation is as told, comes to a rescue somehow.It caters to that particular bunch of students who can afford to pay the entire amount of money but much after the stipulated period. Just that they need bit more time. So consolidation program takes care of this situation and gives the students with more grace time to pay back the entire amount much in student’s convenience canalizing all his loans in one pocket. So student loan consolidation is a better scheme than the other orthodox repayment methods for Canada.