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Student loan debt consolidation is a method that makes it possible for a student to combine all his loan debts into a single loan, with one 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 nicely 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 expenditures incurred by a student to complete his studies. Most students leave college with large 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 designed with a single monthly payment stretching more than a period of time. Nonetheless, 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 rewards 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 grow to be really well-known in recent years, as it avoids the dilemma of paying off many separate bills every month. These days, there are a number of student loan consolidation services and centers, including 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 available through the World wide web. debt elimination programs