Sallie mae not consolidating
Student Loan Information Sallie Mae is devoted to helping students navigate the murky waters of college finance. The company offers a variety of student specific loans, including loans for undergraduate and graduate students, loans for career training, loans for medical and dental residencies, and loans for law students preparing for their bar exams. Income-Based Repayment — This option is available to Federal student loan customers who are experiencing financial difficulties. The repayment options discussed above have been put in place to address the needs of students wishing to lower their monthly payments, without the necessity for writing new consolidated loans. Students who turn to scholarships, grants, work-study programs, private funding and federal loans first, but are still not able to cover all the expenses involved with college tuition, books and accommodations, often turn to private lenders like Sallie Mae. Standard Repayment — This is the default option for all student loans managed through Sallie Mae. The CEO said that Navient is precluded from refinancing any Sallie Mae loans until the end of under a non-compete agreement. Since Sallie Mae is no longer a federally owned entity since , Sallie Mae student loans are not eligible for Federal Direct Consolidation. Graduated Repayment — This program allows students to opt for lower initial monthly payments, which gradually increase over a ten year period.
They are, however, eligible for consolidation with private lenders. Federal Direct Consolidation Federal Direct Consolidation Loans help to combine multiple loans into one, eliminating separate payments and simplifying the process. However, Sallie Mae understands that students often find themselves in difficult financial situations, and college loans can create sizable debt that can easily become unmanageable as graduates slowly move into the workforce. Standard Repayment — This is the default option for all student loans managed through Sallie Mae. The program allows borrowers to lower their monthly payments by tailoring the repayment schedule to the borrowers gross monthly income. 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. Up until recently, student-borrowers could apply for a Federal Consolidation Loan through Sallie Mae, but recent changes in the Federal student loan program have shifted the application process back to the Federal government. Sallie Mae distributes and holds more student loans than any other lender in the country; as such, Sallie Mae loans are often the subject of consolidation packages. 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. By the company cut all ties with the Federal government, and today Sallie Mae is a publicly held, private sector financial institution. The CEO said that Navient is precluded from refinancing any Sallie Mae loans until the end of under a non-compete agreement. Some lenders charge origination fees, percentages or even penalties for payments made before the stated due date of your package. 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. Income-Based Repayment — This option is available to Federal student loan customers who are experiencing financial difficulties. Student borrowers are given a set schedule of level monthly payments that cover accruing interest as well as part of the principle. Some benefits of private consolidation are the reduction of interest rates below those of the original loan and the opportunity to remove co-signers like parents from the loan so they are no longer liable for repayment. Our user-friendly Web site and dedicated Call Center staff provide customers a great way to determine if private loan consolidation is right for them. The extended payback period and lower monthly payments associated with consolidated loans are what attract many students to the process in the first place. In addition, there is no grace period associated with most loan consolidation programs including the Federal Direct Consolidation Loan. Sallie Mae also offers extensive College Savings Plans for students and their families, as well as banking services and student friendly insurance policies for health, auto, home and tuition. 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. Bear in mine that this option will extend the life of the loan, and will result in an increase in accrued interest. Sallie Mae private student loans allow borrowers to defer payments until after graduation, have no initiation fees and can be obtained in amounts up to the entire cost of annual tuition plus expenses. Sallie Mae Loans Sallie Mae loans are typically used by students who require additional funding once all other options have been exhausted. College students will find that Sallie Mae can address all of their education related financial needs. Students considering loan consolidation should understand that the process often extends the overall life of their loans, and will result in an increase in total interest costs. Students considering private loan consolidation should refer to our section on Using Private Lenders to Consolidate Student Loans.
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