Many parents use Debt Consolidation to offer their children the chance to study in a reputable college.  Unfortunately, the longer you stay in school the greater your parents debt will be.   Debt consolidation is of big help, but remember, the longer you stay in school, the longer it will be before you have to start paying off your debt.  Maybe your parents will not have the financial power to pay off the entire loan.  By being in school your loans are on hold, and for the most part, the more education you have the better paying job you are going to get, so the quicker you can get yourself out of debt and also help your parents.