Students joining college take loans to pay for their tuition fees, books, rents and other expenses. These loans can be federal or government loans. Over the years, these loans mount up to a huge debt. Debt Consolidation for students is a great boon for students who are not able to pay high interest rates. This is also known as loan consolidation This way they can combine all their load payments into one load payment. Most student loan consolidations are available at a low rate of 5-7%. There are two types of student load consolidation: federal and private. Federal loans are easy to get the only requirement is that the students should have a good credit history. Federal loans cannot be combined with other debts. Private loans are difficult to get because the lenders want to look in to the detailed credit history. There are no consolidation fees for student loan consolidation. This saves a lot of money for the students. Most companies have a minimum amount specified for consolidation.