I owe sallie mae around 157,000 and the federal government 87,000 my monthly payments are 3000 a month which is more then half of what i make i can’t find a company that is willing to consolidate my loans from sallie mae. Navient, the sister company of sallie mae, now holds and manages many of the private loans that were previously managed by sallie mae unfortunately, navient keeps information about private loan repayment close to its chest. Sallie mae was the largest originator of these loans, which it and other banks would then often resell to investors to make additional revenues.
Sallie mae student loan repayment options like all private lenders, sallie mae’s borrowing limits, interest rates and repayment plans are contingent on the borrower’s credit history for those students holding federal loans which are being managed through sallie mae, borrowing limits and repayment schedules will be set by the government. But sallie mae no longer offers a consolidation loan, nor does it offer student loan refinancing the company now primarily provides private student loans for college, as well as for career training and k-12 schools. Sallie mae was the largest originator of these loans, which it and other banks would then often resell to investors to make additional revenues that all ended with the health care and education.
I just filled out the application to consolidate a few private loans (navient (originally sallie mae) $83,000 total) i make over $60k/year and was denied on immediately on the application the $60k does not include what my spouse brings in as well ($35k. He has 3 sallie mae student loans totaling $112k at interest rates b/t 975 and 105% he also has 5 navient student loans totaling $37k at a weighted average rate of 483% he has exhausted his forbearances at this point and while he is current on all minimums, he was late on payments in the past 5-6 times. Consolidation is similar to refinancing a loan you can consolidate all, just some, or even just one of your student loans consolidating federal student loans may be a good strategy to lower monthly payments or to get out of default, but it is not always a good idea. Sallie mae doesn’t currently offer a consolidation program however, you may be able to consolidate your current (sallie mae) loans with another company there are over ten different companies that can consolidate private student debt.
Since sallie mae is no longer a federally owned entity (since 2004), sallie mae student loans are not eligible for federal direct consolidation they are, however, eligible for consolidation with private lenders. Servicers fedloan servicing (pheaa), great lakes, nelnet and sallie mae (now 13 mar 2017 when you consolidate federal loans, your new fixed interest rate will be the weighted average of previous. You can consolidate multiple sallie mae ffel loans together or you can consolidate at least one sallie mae loan with at least one federal direct loan after consolidating, you will make all of your payments directly to the federal government, not to sallie mae. Contactforsupport » student loan consolidation » sallie mae phone number sallie mae phone number known as one of the biggest financial institutions in the region of delaware, sallie mae student loans have been providing a wide range of financial as well as banking services to these territories. Signature loans can offer 15 to 25 year repayment plans but borrowers should be aware of any variable interest rates or applicable fees involved with longer term loan agreements in the case of sallie mae student loans, signature loans can be consolidated with any federal loans to accommodate one easy payment.
Sallie mae is a widely utilized private student loan lender to date, they have provided loans to more than 30 million undergraduate, graduate, and professional students. Private loans may be eligible for consolidation, but not all lenders agree to become part of a consolidation in most cases, it is not possible to combine federal and private student loans in a student loan debt consolidation loan, due to the differences between loan terms how to consolidate student loans consolidating federal student loans is a fairly straightforward process consolidating private loans is more difficult, but it can be done. Student loan consolidation: pros and cons sallie mae) to fund the rest of your expenses one option you have when you begin tackling your student loan debt is to explore loan consolidation but before you head down that road, here’s what you should know unlike federal loan consolidation, a private loan may carry a variable interest.
Several people mentioned too me they didn’t do what they said they would they are a business there rates of interest were higher than government subsidized loans i did not have a pleasant experience with the company (when i worked for them as a temporary employee or as a customer. Sallie mae‘s private loan consolidation is fee free, allowing for graduates and undergraduates to lump together all of their private loans into one lump sum, with a period of thirty years to make repayments interest rates are variable instead of fixed, and are mostly based on the student's or cosigner's credit history. Best answer: yea sallie mae doesn't do consolidation loan anymore and you can't consolidate a private loan with federal loan the those government program are no help too the only thing you can do is to apply for a regular credit based loan or a personal line of credit from another institution and use it to pay off sallie mae.
I originally borrowed around $60,000 in private student loans from sallie mae nearly all of them are signature loans, meaning they have no co-signer the cosigner on one loan is very old and has no income. Sallie mae now services federal student loans on behalf of the dept of education, and originates private student loans sallie mae employs 8,000 people, and manages more than $180 billion in debt for more than 10 million student loan borrowers.
Sallie mae loans come in two major varieties, and the type you have will affect whether you can consolidate your sallie mae loan with your federal direct loan the first type of loan is the private student loan from sallie mae. Sallie mae can continue to manage the new federal consolidation loan, if the borrower wishes look at federal student loan repayment options sallie mae loans can't be refinanced, either. Sallie mae recommends strongly against consolidating private and federal student loans together, as you would give up the benefits that come with the federal loans, such as forbearance and deferment. How to consolidate student loans at sallie mae many college students spend years paying off their student loans sallie mae is the owner or manager of student loans for millions of borrowers trying to finish their education and begin a career.