Money is the quintessence of life and most of us pass through financial crunch at some point of time or the other. This is when we resort to loans. The soaring costs of higher education are forcing most of us to approach financial institutions. In such a scenario educational loans are gaining huge prominence. Sometimes people are even obliged to procure loans from more than one borrower in order to maintain a clean credit history. Off late federal loans have become very popular as they offer the best student consolidation loans. However, not everyone is able to enjoy the benefits of these federal loans. This is when private education loans come to our aid.Private education consolidation loans come with several unique features you can benefit from. Low and easy monthly installment payment is one of the unique features of these loans. The low monthly installments are mainly due to extension of loan repayment tenure.Loan interest rate is another lucrative feature of this loan. However, this benefit can be enjoyed over a period of time only by those borrowers with clean repayment history. The application process is also quite simple and loans can be obtained either by your own or by a guarantor with clean or sufficient repayment history. In case you have a clean track record, you stand every chance of getting loans at lower rates.In case you are availing this loan for pursuing medical or dental education, you have the option of rescheduling the loan up to forty eight months. This rescheduling period usually varies depending on the course you have opted. For instance: this period is three years for military personnel. If you like to pursue under graduation course then the maximum repayment tenor you can go for is twenty five years. On the other hand this tenor extends up to thirty years for graduate courses. The interesting aspect about these loans is that no prepayment penalty is charged at the time of closure.