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Student loan debt consolidation is a method that allows a student to combine all his loan debts into a single loan, with 1 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 expenses incurred by a student to full his scientific studies. Most students leave college with huge debts. In student loan debt consolidation, the current 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 produced with a single monthly payment stretching more than a period of time. However, consolidation rules and regulations are distinct for federal student loans and private student loans.

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