- Get better fees conditions. Whether your monthly premiums are way too large, you may choose to refinance and prolong the latest repayment label on the your loan. If you can afford higher monthly premiums and would like to pay from your loan reduced, you could potentially re-finance so you’re able to financing with a smaller fees title.
Sallie Mae used to be a loan servicer both for individual figuratively speaking and you can government integration fund, however, eliminated giving government combination money for the 2008.
In earlier times, student loan borrowers put Sallie Mae’s integration solution to combine several federal money on you to Sallie Mae mortgage. By doing so, they may make the most of a fixed interest and an excellent single payment.
But once Sallie Mae split into one or two – Sallie Mae and the Navient Firm – they turned a monetary attributes providers you to focuses on originating individual figuratively speaking. Meanwhile, Navient continued to focus on maintenance government financing.
Consolidation against. refinancing
Since Sallie Mae no longer offers refinancing or consolidation, federal student loan borrowers can turn to Lead Integration Loans from the Department of Education. These loans let you consolidate numerous federal financing to the that loan with a fixed interest rate and a single monthly payment. It’s important to note that you can’t consolidate private student loans with a Direct Consolidation Loan.
If you have private student loans or a combination of private and federal loans, you may want to consider refinancing your loans into one private loan for a lower interest rate and better repayment terms. Continue reading “As to why did Sallie Mae end providing student loan combination?”