Consolidating federal loans sallie mae

22-Sep-2020 04:27

This depends on where you are in the consolidation process.

To ask questions about consolidating your loans before you apply for a Direct Consolidation Loan, contact the Student Loan Support Center at 1-800-557-7394.

Loan consolidation can also give you access to additional loan repayment plans and forgiveness programs. If you want to lower your monthly payment amount but are concerned about the impact of loan consolidation, you might want to consider deferment or forbearance as options for short-term payment relief, or consider switching to an income-driven repayment plan for longer-term payment relief.

There is no application fee to consolidate your federal education loans into a Direct Consolidation Loan. Department of Education (ED) or ED’s consolidation loan servicers. Once your loans are combined into a Direct Consolidation Loan, they cannot be removed.

Borrowers have different needs, so there are several repayment plans—including income-driven repayment plans, which base your monthly payment amount on your income and family size.

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Plenty of lenders will refinance your student loans for you, but not all created equal.

Even a small interest rate reduction can shave years off your loan payments and save you money over the life of loan.

In fact, the average borrower who refinances is able to save over ,000 over the life of their loan.

When you apply for a Direct Consolidation Loan, you don’t have to consolidate all of your eligible loans.

If consolidation would cause you to lose the benefits associated with some of your current loans and you are working toward earning those benefits, you should not include those loans in your new Direct Consolidation Loan.You can also lower your monthly payments by extending the term of your loan.

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