Consolidating student loans through sallie mae
For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time.
Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years.
Sallie Mae began as a federal entity designed to market loans to students across the United States.
Today it is a privately owned company well known as a lender to students throughout the U. Sallie Mae distributes and holds more student loans than any other lender in the country; as such, Sallie Mae loans are often the subject of consolidation packages.
He graduated with a Bachelor of Arts from Columbia University in 2002 and has worked in travel as a guide, corporate senior marketing and product manager and travel consultant/expert.
Morello is a professional writer and adjunct professor of travel and tourism.
They are, however, eligible for consolidation with private lenders.
The extended payback period and lower monthly payments associated with consolidated loans are what attract many students to the process in the first place.
These elements can cost you more over the life of the loan, however, since a longer payback period means more payments and more interest paid.
Federal Direct Consolidation Loans are available to all students holding Subsidized and/or Unsubsidized Stafford Loans, Direct PLUS Loans, Federal Supplemental Loans for students, Federal Perkins Loans, Federal Health Education Assistance Loans and Federal Nursing Loans.
If you have already consolidated your federal loans in the past, you may also be able to reconsolidate and add other outstanding federal student loans using a Federal Direct Consolidation Loan.