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Your alternative to Federal Student Loan Consolidation is Private Loan Consolidation. Most of the private student loan consolidation plans are sort of refinancing for getting out of the unsecured loan problems.student loan debt consolidation Though all loan consolidations are regulated by the Federal as well as the concerned State Laws the interest rates, terms and conditions of the private student loan consolidation vary from firm to firm. Some of the companies offer their beneficiaries the benefits of the introductory rate for the first year that could be as low as 7.9%. In most of the private student loan consolidation plan the interest rates charged for undergraduates are identical. The primary rate is LIBOR added with 5 to 8.5 percent interests.