Consolidation may be able to save you money over the long term. If you consolidate your federal student loans into one monthly payment, you can often reduce your monthly payment by as much as 52 percent.
Student loan consolidation can be a good debt management tool and Sallie Mae representatives can help you determine the best plan for your situation.
Sallie Mae loans come in two major varieties, and the type you have will affect whether you can consolidate your Sallie Mae loan with your federal Direct Loan.
Sallie Mae still provides consolidation for private loans, however, which provide a longer time period of payment but at higher interest rates, at a minimum of five thousand dollars in private loans and there are not penalties for early repayment.Sallie Mae has ceased to wave origination fees for Stafford loans, making it more expensive for students to start consolidation accounts. Fw-300 #ya-qn-sort h2 /* Breadcrumb */ #ya-question-breadcrumb #ya-question-breadcrumb i #ya-question-breadcrumb a #bc .ya-q-full-text, .ya-q-text #ya-question-detail h1 html[lang="zh-Hant-TW"] .ya-q-full-text, html[lang="zh-Hant-TW"] .ya-q-text, html[lang="zh-Hant-HK"] .ya-q-full-text, html[lang="zh-Hant-HK"] .ya-q-text html[lang="zh-Hant-TW"] #ya-question-detail h1, html[lang="zh-Hant-HK"] #ya-question-detail h1 #Stencil . Bdend-1g /* Trending Now */ /* Center Rail */ #ya-center-rail .profile-banner-default .ya-ba-title #Stencil . Bgc-lgr #ya-best-answer, #ya-qpage-msg, #ya-question-detail, li.ya-other-answer .tupwrap .comment-text /* Right Rail */ #Stencil . Bxsh-003-prpl #yai-q-answer, #ya-trending, #ya-related-questions h2. Fw-300 .qstn-title #ya-trending-questions-show-more, #ya-related-questions-show-more #ya-trending-questions-more, #ya-related-questions-more /* DMROS */ .This was one of the biggest discounts offered to students who are new to the loan and consolidation process, and with it gone, students have to suffer a further hardship of paying this origination fee if they are consolidating their federal loans.
It may be difficult for some graduates and undergraduates to find loan consolidators that deal with both private and federal loan consolidation, as most loan consolidators are no longer willing to provide services for federal loans.
This is a Stafford or PLUS loan issued with funds from Sallie Mae but backed by the federal government. You can only consolidate Sallie Mae loans issued through the FFEL program into a Direct loan.
This is because the federal government only consolidates federal loans, not private loans.
This is not a Stafford Loan from the federal government, but rather a loan that you got from Sallie Mae on your own initiative.
The second type of loan is a loan through the Federal Family Education Loan program.
Sallie Mae is one of them, and elimination of these services as reduced the variety of their customers.