Nowadays, education has become quite an expensive thing and if you don't have higher degrees then there is no job for you. Any firm or company looks for more educated person who can efficiently run their institution. But as the education expenses are increasing now and then, many deserving candidates are not able to join higher studies. Many apply for loans and they get it easily but after that they have to pay heavy amount of money as interests. Some times, students take loans from different lenders and they have to pay monthly installments to all of them. For them student loan consolidation is a way to reduce their burden and concentrate on their studies. What is student loan consolidation? If you go by the name, consolidation suggests that all your loans will be paid by one company only. Student loan consolidation allows the students to combine all their loans from various lenders into one and pay only one interest amount and that too at a reduced new rate. After consolidation, students will have to pay only one monthly installment to that company and thereby gets relieved from the headache of multiple installments and higher interest rates.