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With Sallie Mae student loans, borrowers also have the option to consolidate their student loans.
For those with more than one federal loan, this federal consolidation with take a weighted average of existing federal student loans to help simplify repayment.
The key terms for federal consolidation loans do not vary by lender: no application or origination fees are allowed and there are no prepayment penalties.
Federal law sets the period of time for paying back the loans and sets a ceiling on the interest rate.
The company offers competitive private student loan interest rates as well as consolidation options for graduates.
As with the Stafford Loans, there are both Direct and FFEL consolidation programs.If you are interested in a lowering your interest rate on the other hand, consider refinancing and consolidating with a private lender.If you are looking to get a private student loan, it is most likely that you have already heard of Sallie Mae.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.
(There are no prepayment penalties for student consolidation loans.) If you have only a couple more years or a few thousand more dollars to go till you pay off your student loans, consolidation is probably more hassle than it’s worth.