Consolidating sallie mae loans federal loans
The student loan issue has caught on with politicians and the Consumer Financial Protection Bureau.
Sallie Mae (Student Loan Marketing Association) loans issued by SLM Corporation (SLM) cannot be forgiven.
FLEXIBLE REPAYMENT OPTIONSSallie Mae offers flexible repayment options in the form of:ñ standard repayment plan: this is the cheapest option available to private loan holders, as it has the lowest total interest expense.
The minimum monthly pay is fifty dollars, over a period of fifteen years.ñ graduated repayment plan: this plan allows for students to make payments that can be reduced or be interest only for a period of four years.
However, private student loans are a bit more unregulated.
If you run into trouble paying back your student loan and happen to have picked a lender who tends to be more forgiving, count yourself lucky.
Figuring out how to pay for both college tuition and student loans is a problem plenty of undergraduates and graduates are struggling with, especially in this difficult economy, where less and less businesses are providing employment opportunities to recent graduates.
With the increase of the number of loans students are taking out to be able to afford the costs of living associated with living at college, there is an increased opportunity for students to consolidate their loans and make it easier for them financially by making only one payment per month to cover the balance of all the other loans they have taken out.
However, you may be able to consolidate your current (Sallie Mae) loans with another company.Sallie Mae has stopped the consolidation of federal loans.This leaves a lot of graduates and undergraduates with even fewer choices for loan consolidation companies to choose from, especially with the fact that consolidated federal loans have a fixed rate that is much cheaper than the variable rates of consolidated private 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.