Consolidating student loans through 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.
Allow yourself enough time to consolidate student loans at Sallie Mae.
Make sure you plan enough time to have a 1 to 2 month period for your loan consolidation application to go through.
Check the interest rates as you prepare to consolidate student loans at Sallie Mae.
Another benefit of consolidation is locking in one loan at one fixed interest rate.
This rate will be based on the average of the interest rates of your current student loans.
The goal with this process is not only to get the ease of a single payment, but to receive a lower interest rate based on your financial history.
Soon after consolidation, your payments will begin.
It may be a good idea to make your consolidation effective close to the end of your grace period on your current loans.
When you consolidate federal loans, your new fixed interest rate will be the weighted average of your previous rates, rounded up to the next ⅛ of 1%.
So, for instance: If the average comes to 6.15%, your new interest rate will be 6.25%.
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Consolidation may be able to save you money over the long term. If you consolidate your federal student loans into one monthly payment, you can often reduce your monthly payment by as much as 52 percent.