How to Consolidate Student Loans at 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. Consolidation may be able to save you money over the long term.

Difficulty: Easy

Instructions

1. Learn the benefits of student loan consolidation. If you consolidate your federal student loans into one monthly payment, you can often reduce your monthly payment by as much as 52 percent. Student loan consolidation can be a good debt management tool and Sallie Mae representatives can help you determine the best plan for your situation.

2. Consolidate student loans at Sallie Mae by deciding whether you want the lowest possible monthly payment or if you want to save money over time on your student loans. Before you call Sallie Mae or go online to apply for consolidation, have all of your student loan information handy so that you can answer any questions.

3. 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. Often, you can get an added rate discount if you get set up for electronic payments from your bank account.

4. 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. 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.

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[salliemae1]

on 1/14/2009 sorry for the duplicate post mistake.

continued...

I choose this option rather than a payment of $430.00 at the time because financially I could not afford the regular full payment. Now it's $294.00 interest only monthly. Sallie Mae advised to contact a bank to consolidate the private amount $28,426.34 and the federal which is in deferment right now $22,913 the repayment amount is getting larger and larger than the original principal balance. I’m only 28 and don’t want this debt over my head for the rest of my life. I own my car I have a great paying job and don’t owe any credit cards. What is the smartest way to handle this situation? Should I hire a finical adviser or contact a bank? I want to make the best financial choice. I’m on my own and just looking at my paper work is so overwhelming and I’m losing sleep. I’m doing my best right now to pay the minimum interest on the priva

[salliemae1]

on 1/14/2009 continued..
I choose this option rather than a payment of $430.00 at the time because financially I could not afford the regular full payment. Now it's $294.00 interest only monthly. Sallie Mae advised to contact a bank to consolidate the private amount $28,426.34 and the federal which is in deferment right now $22,913 the repayment amount is getting larger and larger than the original principal balance. I’m only 28 and don’t want this debt over my head for the rest of my life. I own my car I have a great paying job and don’t owe any credit cards. What is the smartest way to handle this situation? Should I hire a finical adviser or contact a bank? I want to make the best financial choice. I’m on my own and just looking at my paper work is so overwhelming and I’m losing sleep. I’m doing my best right now to pay the minimum interest on the private loans but I’m getting deeper and deeper i

[salliemae1]

on 1/14/2009 The how to "deal with Sallie Mae" is total BS! Here is my situation along with many others! Dealing with Sallie Mae is the worst nightmare. I wish I never went through them I had no idea how much they enjoy screwing people over here is my situation. Now please advise how to deal with this?

I graduated a Tech school 12/2005 I had some grace period time for repayment after graduation and unfortunately I had some forbearance on my loans for awhile. I’ve started repaying three private loans back since early 2007. Sallie Mae put a freeze on consolidation in 7/2007 I had no idea about this change in contract until I had called to consolidate the private loans. The payment is so high and out of control it’s hard for me to pay and keep up. Two of the private interest rate on the loans are 12% and the other one is a whopping 15%. I'm stuck in an interest only repayment option for 1 yr. I choo