Consolidating your student loans
Should you consolidate student loans? If you're looking for a more convenient way to repay your student loans and possibly lower your monthly payments, consider student loan consolidation.
Student loan consolidation
Student loan consolidation is a way to bundle your student loans into one new consolidation loan, reducing the number of monthly bills and possibly lowering your monthly payment. Plus, in the case of federal student loans, consolidation gives you the opportunity to lock in a low fixed interest rate.
Which consolidation loan is right for you? You may be eligible for both.
Federal student loan consolidation
You may be eligible for federal student loan consolidation if you have:
- Stafford, PLUS, Perkins, HEAL, or other federal student loans
- At least $5,000 in federal education loans
- Any federal education loans in grace, repayment, deferment, or forbearance (and not in default)
Private student loan consolidation
You may be eligible for private student loan consolidation if you have:
- Private student loans from banks, credit unions, or schools
- At least $5,000 in private student loans
- Good credit or a cosigner with good credit
- Graduated from or will be graduating from a postsecondary program of study
Benefits of consolidating with Sallie Mae
Some benefits of consolidating your federal and private student loans with Sallie Mae include:
- Convenience of one monthly payment
- Possibility of lowering your monthly payment
- Consolidating with a name you know and trust—Sallie Mae
- Valuable borrower benefits that can save you hundreds, even thousands of dollars over the life of your loan
Once you consolidate your loans, you can choose the repayment plan that suits your budget: standard (monthly payment is fixed over the life of your loan), graduated, extended, or income-sensitive.
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