Consolidating sallie mae loans federal loans dating vintage quilt fabric
One of the biggest myths when it comes to student loans is whether you can consolidate your Federal and private student loans. Well, since 2014, you can actually refinance and consolidate both your Federal and private student loans into a single loan with many private lenders.
Think about it: you just graduated from college with about five different student loans. However, there are times when combining all of your loans (both Federal and private) makes sense, and there are times when it may not.
However, this will increase the costs after this period of time for the remaining balance on the loan.ñ extended repayment plan: graduates and undergraduates with more than thirty thousand dollars in loans can extend the time period for repayment to twenty, twenty-five or even thirty years, depending on the amount of balance remaining on the private loans.
However, this does increase the costs of the interest rates.
However, private student loans are a bit more unregulated.
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.As of 2017, there is no option for private student loan forgiveness, but there are options for public student loan forgiveness.If a person needs relief from his Sallie Mae loans, there are options other than forgiveness.Sallie Mae doesn’t currently offer a consolidation program.However, you may be able to consolidate your current (Sallie Mae) loans with another company.
The student loan issue has caught on with politicians and the Consumer Financial Protection Bureau.