Sallie mae not consolidating loans
Those include the option to tie payments to income and opportunities for loan forgiveness.
» MORE: Should you refinance federal student loans Like the federal government, private companies offer the option to consolidate multiple student loans into one.
If they are government subsidized loans, as some Sallie Mae loans are, then you have some good options for dealing with the debt.
See The Ultimate Guide to Dealing With Student Loans You Can’t Afford. Lenders require a cosigner to go after when the primary borrower can't afford the payments.
To do this, many or all of the products featured here are from our partners. Private consolidation is often referred to as refinancing.
These processes are often confused, but they’re very different. refinancing Private student loan consolidation, or refinancing, means replacing multiple student loans — private, federal or a combination of the two — with a single, new, private loan.
Student loans are an exploding crisis, and I mean a massively exploding crisis.
More is owed today on student loans than on all credit cards.
Consider refinancing if you have: Refinancing federal student loans into a private loan means losing consumer protections specific to federal loans.
You’ll save money if your new loan has a lower interest rate.
» MORE: Best student loan refinance companies Your financial history — including your credit score, income, job history and educational background — will dictate your new interest rate when you refinance.
Up until 2005 private student loans were able to be discharged in bankruptcy.
Once that was eliminated by Congress the private student loans lenders starting pouring out loans like water without regard to affordability or repayment.