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Student loan debt consolidation is a approach that permits a student to combine all his loan debts into a single loan, with one particular monthly payment. Student loans are classified into federal student loans and private student loans. Federal student loans are issued by the US Department of Education as effectively as the Department of Well being and Human Services, and private student loans are administered by the non-federal organizations and other private lenders. Student loan debt contains all kinds of educational expenses incurred by a student to complete his research. Most students leave college with big debts. In student loan debt consolidation, the existing loan is paid off either by the US Department of Education or other private and non-federal organizations, depending upon the nature of the loans. A new loan is created with 1 monthly payment stretching over a period of time. Nevertheless, consolidation rules and regulations are different for federal student loans and private student loans. When federal student loans are consolidated, it lowers the monthly payment by up to 60%. Low fixed interest rates and retention of subsidy positive aspects are other positive aspects of federal student loan debt consolidation. The interest rate of the federal student loan consolidation is the weighted typical of interest rates of all loans that have been combined. In the case of private student loan consolidation, lenders fix the interest rates. Further, private student loans are not consolidated with federal student loans. Student loan debt consolidation has become rather well-known in current years, as it avoids the problem of paying off several separate bills every month. Right now, there are a quantity of student loan consolidation services and centers, such as banks participating in the Federal Household Education Loan (FFEL) program, to cater to the student loan debt consolidation needs. Student loan debt consolidation services are also accessible by means of the Web. credit consolidation loan