If you think trying to rework federal student loans is a headache, try renegotiating private ones.

For grads, recent and otherwise, who are unemployed or having trouble making ends meet in this tough job market, federal loans come with a menu of repayment possibilities, especially if you start working on a resolution as soon as you see signs of trouble. Private loans, however, can be a black hole for borrowers who are over their heads.

Still,...