Student Debt (or Loan) Consolidation programs enable students to lump all of their outstanding debts into one integrated debt for a simplified payment. It's convenient because it involves less paper work as contrary to complicated periodical mandatory repayment to multiple loans. It's always easy to keep track of one payment instead of three or four. If implemented correctly, Student Debt Consolidation can save students a lot of money.
Kinds of Stu
dent Debt Consolidation programs
Student Debt Consolidations are of two types: Federal Student Loan Consolidation and Private Student Debt Consolidation. Federal Student Loans are sanctioned by US education authorities and can be consolidated at much lower rate. Private Loans are advances not from Government but offered by standard lending institutions like Citibank. Mostly unsecured (sometimes secured) these loans charge higher interest rates.
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