salliemae Private student loan consolidation

Private student loan consolidation

Sallie Mae private student loan consolidation is a practical financial management tool that may give monthly payment relief, the convenience of a single payment, or interest rate savings for your private education loans. The Private Consolidation Loan provides $5,000–$275,000 (without a cosigner) for eligible borrowers to combine one or more existing private student loans into one new loan.

Eligibility

• You must be a U.S. citizen or eligible permanent resident.
• You must have good credit or apply with a creditworthy cosigner
• You must have reached the age of majority in your state of residence.
• Student for whom the loans will be consolidated must have completed or will complete his/her course of study within 30 days. (May be required to provide proof of graduation.)

Features

• Consolidate private education loans from $5,000 up to $275,000 (without a cosigner).
• Combined billing with one convenient monthly payment. (Sallie Mae customers can enjoy combined billing on any Sallie Mae-serviced loan.)
• Extended repayment terms—up to 30 years (depending on balance).
• Sallie Mae's Private Consolidation Loan offers flexible repayment terms including the option to defer payments if you return to school.
• There is no prepayment penalty.
• No application deadlines.

Loan terms

Loan limit

• The loans that you are consolidating must total at least $5,000 to qualify for this Private Consolidation Loan.
• There is no maximum loan amount if you have a creditworthy cosigner.
• If you do not have a cosigner, there is a maximum loan total of $275,000.

Interest rate

Interest rates are variable and reset monthly.

Fees

• A one-time disbursement fee is added to the loan amount at disbursement.
• There are no repayment fees.

Repayment

• You may take up to 30 years to repay, depending on your loan amount.
• You may choose to make regular payments of principal and interest through the life of your loan, or interest-only payments for the first 12 months, followed by regular payments of principal and interest.
• Repayment begins 30–45 days following disbursement.