Consolidating my sallie mae loans
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Consolidating your federal loans through the Department of Education is free; steer clear of companies that charge fees to consolidate them for you.
Consider keeping those loans separate if you plan to take advantage of that program.Your repayment term will generally start within 60 days of when your consolidation loan is first disbursed and will be based on your total federal student loan balance, among other factors; click on the link below for more details.[Back to top] Applying for consolidation takes most borrowers less than 30 minutes, according to the Federal Student Aid website.There are several ways to get federal student loan forgiveness, and most federal forgiveness programs require that you first make loan payments for a certain period of time.For instance, you have to make 120 full loan payments while working for the government or a nonprofit to earn forgiveness through the Public Service Loan Forgiveness program.Federal student loan consolidation basics How to consolidate federal student loans Benefits of federal consolidation Drawbacks of federal consolidation Private student loan consolidation (student loan refinancing) When you consolidate federal loans, the government pays them off and replaces them with a direct consolidation loan.
You’re generally eligible once you graduate, leave school or drop below half-time enrollment.
Consolidating a federal student loan that’s in default will restore your eligibility for federal loan benefits including deferment, forbearance and loan forgiveness programs.
If you’re consolidating for the purpose of recovering from default, you have to choose an income-driven repayment plan or make three consecutive, on-time, full monthly payments before you consolidate.
Particularly if you have multiple federal loan servicers, consolidating your federal student loans can make your life easier.
Instead of paying multiple federal student loan bills each month, you’ll make one payment to one servicer. First, consolidating your federal loans will likely extend your repayment term.
If you have a parent PLUS loan and other types of federal loans, consider consolidating the other federal loans and the PLUS loans separately.