I stumbled upon this approach while helping another borrower whose private loan was in a delinquent status.
Sallie Mae was calling daily and this borrower, lets call him Fred, could not afford his payments.
Depending upon the total balance you are consolidating, you may extend the repayment period for up to 30 years with consolidation.
The extended period makes the monthly payment amount more manageable; however, the longer your loans are in repayment, the more interest you will pay over the life of the loan.
This article will focus on my experience in getting interest rates lowered with Sallie Mae.
If you are less interested in how I got my rates lowered and more interested in getting your rates lowered here is .
Loan consolidation can be helpful for borrowers who want to combine their eligible federal student loans into a single Direct Consolidation Loan.
It's important to understand and carefully consider all factors before consolidating.
Most lenders also allow you to refinance and consolidate multiple loans into one, making repayment much more manageable.
In the following sections, we will go over the refinancing and consolidation lenders in the industry and what they offer.
This post is the result of extensive research into the best options and compares the 9 most common online consolidation and refinancing choices.
Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
You’re generally eligible once you graduate, leave school or drop below half-time enrollment.