Consolidating student loans through sallie mae
They are, however, eligible for consolidation with private lenders. For those students holding Federal loans which are being managed through Sallie Mae, borrowing limits and repayment schedules will be set by the government. Private Consolidation Sallie Mae loans can be consolidated by a private lender like a bank or credit union. If the student dies or becomes permanently and totally disabled, Sallie Mae will waive all remaining payments on the loan.
Students will find that Sallie Mae can answer all of their education related financial questions, and can provide them with advice and counseling to help them better manage their financial future. Student Loan Information Sallie Mae is devoted to helping students navigate the murky waters of college finance. Today it is a privately owned company well known as a lender to students throughout the U. This is an excellent option for newly graduated students who are just entering the workforce, but expect their income to increase over the next few years.
This is because the federal government only consolidates federal loans, not private loans. The latter can be requested after you have demonstrated your ability to pay on your own, typically with a month period of on-time payments. Students who have qualified for a Federal Consolidation Loan may still choose to manage their loan through Sallie Mae, and may be eligible to take advantage of the repayment options discussed above.
Students may still choose to consolidate their outstanding loans through another financial institution, in which case their new repayment plan will be governed by their new private lender. Sallie Mae offers competitive private student loan interest rates as well as consolidation options for graduates.
Before taking out a loan, make sure you explore what options and benefits are important to you to make sure you that you can stay ahead on your repayment. However, this adds the risk of losing the home if you fail to repay your loan. Borrowers who qualify for this option will see their total interest costs increase over the life of the loan.
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