Consolidating sallie mae signature student loans
If you can manage to add, say, an extra and pay 0 each month, you could in fact offset the time disadvantage that is introduced by paying less money towards your student loans.
Note: This doesn't apply to Spousal consolidation loans.
Read all about Spousal Student Loan Consolidation Loans here.
To qualify, you must have at least one loan in that is in the grace period of in repayment.
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Getting rid of student debt is high on the radars of everyone who has it.
Here’s an example: If your payments currently come to a total of 0 across multiple accounts and you apply for a debt consolidation loan, that payment could come down to say 0.
Now you are paying just one payment of 0 per month (plus any applicable tax) instead of twice the amount like you were paying before.
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Student Loan Refinancing: This involves getting a private loan to replace some (or all) of your existing student loans.
You can consolidate Federal loans, but you cannot consolidate private loans.
For example, if you were saving 0.25% for using Direct Debit, you would need to re-setup that plan to save again.
These small factors are what people forget when consolidating their student loans, and it could end up costing them more.
If you're a parent, and you borrow with a PLUS loan to pay for your children's college, you should never consolidate these loans. This is typically a bad idea because PLUS loans don't qualify for income-based repayment programs like IBR, PAYE, or Re PAYE.