In the first quarter of 2013, consumers owed $986 billion instudent loans, up $20 billion from $966 billion in the fourthquarter, according to the New York Fed.

That's not exactly the gift students are hoping to receive ongraduation day.

cuStudentLoans, a private student loan and private student loanconsolidation program managed by credit unions, announced this weekdevelopment of a new private student loan refinancing program forjoinStampede, which calls itself the world's first campaign tobring together people with student debt.

The goal is to use the collective influence of 100,000 people tonegotiate better loan terms, joinStampede said.

The joint program, which features a private student loanconsolidation without origination fees, was created betweencuStudentLoans and joinStampede in response to the 30,000consumers that pledged interest in refinancing their privatestudent loans through the group discounting initiative.

“The success of joinStampede's campaign is further evidence thatconsumers are seeking better rates and terms on their studentloans,” said Alice Stevens, chairman of the cuStudentLoansprogram. “cuStudentLoans is happy to be the answer to theirneeds and will continue to lower interest rates for graduatesholding high-interest private student loan debt.”

The initiative, which will continue to collect registrationsfrom consumers with student debt until May 31 (via www.joinStampede.com), will officially begin acceptingapplications on June 1.

The program, which features no origination fee, will allowconsumers to apply through June 15.

cuStudentLoans, which said it has approved over 10,000 consumerapplications for $500 million in private student loan refinancing,says that the average interest rate of private student loans thathave been refinanced through their program is 5.66%; a significantdifference from the 8.46% average that consumers held beforerefinancing.

“We're thrilled to have gained such traction and momentum in aconsumer finance category that has plagued so many recentgraduates,” said Stephen Dash, founder of joinStampede. “Wehope that by partnering with credit unions we can help 30,000consumers become financially independent and potentially savethousands of dollars in annual interest payments on their privatestudent loans.”