Federal education loans have become a way of life for millions of students, so has the student loan consolidation program to pay off the various loans that a student avails. Education loans are no longer considered to be a burden. They are now seen as an inevitable necessity owing to the high cost of education. Similarly, student loan consolidation program is not thought to be only meant for those students who are financially weak or incapable of paying off the loans. Rather student debt consolidation is seen as an excellent way of simplifying the repayment of education loans. And it is seen as a prudent way of saving significant sums of money in terms of interest.