Consolidating sallie mae loans and direct loans

To do so, you’ll both have to agree to assume full responsibility for payment of the debt.So if your marriage ends in divorce, your loans will still be living together and one ex-spouse will be held responsible if the other refuses to pay up.You may also have access to a new repayment schedule (like an income-contingent plan) that’s a little easier on your wallet.If you don’t care about the extra cash and just want a consolidation for the simplicity of a single monthly payment, you can use any money you save to pay down the principal.You can get a consolidation loan from any private lending institution with government approval, or from the Department of Education itself. Some offer favorable terms like interest-rate reduction for making on-time payments or choosing automatic withdrawal; others may offer repayment plans that better suit your financial situation.Fin maintains a list of student loan institutions, including large banks; private companies like Sallie Mae; and state education system lenders like the Missouri Higher Education Loan Authority and the Utah Higher Education Assistance Authority.

If you can handle your monthly loan payment as is, carefully investigate how consolidating will change the total amount you’re expected to repay.Private consolidation lenders, on the other hand, are not subject to those terms and may include variable rates and any number of fees.What’s more, some benefits of a federal consolidation loan, such as interest subsidies on deferred loans, are not available on private loans.Federal student loan borrowers have the option of consolidating their loans via the Direct Consolidation Loan program offered by the U. That loan is then serviced by the servicer of your choosing – of which Nelnet is one! Consolidating allows you to merge multiple eligible loans into a single loan.

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To a college grad swamped with multiple student loans that have come due, loan consolidation is an enticing option.

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