Consolidating college loans sallie mae
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.The key terms for federal consolidation loans do not vary by lender: no application or origination fees are allowed and there are no prepayment penalties.
You have to complete the application in a single session, so do your research before you start. You can consolidate all your federal loans or just some of them.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.You’re generally eligible once you graduate, leave school or drop below half-time enrollment.Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.