Consolidating loans sallie mae speed dating in shropshire
Sallie Mae, the nation’s largest student loan company, no longer offers private student loan consolidation services.
For those not familiar, consolidation is the process where a new lender pays off existing loans of the borrower and the borrower then repays the new lender.
Refinancing your student debt is just like your car or home mortgage.
The new lender pays off your old one and gives you a new one with new, hopefully lower interest rate.
The process is definitely not easy, but it does seem to work for those who persevere.
If you’re one of the unlucky college graduates dealing with Sallie Mae’s nonsense, there may be some degree of hope.
Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
Most lenders also allow you to refinance and consolidate multiple loans into one, making repayment much more manageable.
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.
Sallie Mae has made huge profits on their student loan lending.
With the However, the obvious answer for Sallie Mae dropping out is money.
This is a great way to streamline your federal loans, and to simplify your monthly payments.