Sallie Mae Student Loan Consolidation, Student Loan Forgiveness, Student Loan Interest Deduction

Sallie Mae Student Loan Consolidation

Sallie Mae is a great loan program started by Congress in 1972, and it has helped millions of Americans obtain a college education. The Sallie Mae student loan is a federally guaranteed student loan originated under the Federal Family Education Loan Program (FFELP).

If you have more than one student loan, you may want to consolidate them. The reasons for consolidation are simple, you reduce the number of payments, and in some cases, you can actually reduce the amount of your monthly payment. But consolidating your Sallie Mae Student Loan may not be the best decision for everyone.

You may not need to consolidate you federal student loans to get lower monthly payments. Sallie Mae offers extended and graduated repayment plans that can significantly lower your monthly payment.

If you do decide to consolidate your loan, you could end up paying at a higher interest rate than you have right now. Before you agree to consolidate you loan, compare the interest rate you are currently paying with new rate you will be paying. It does not make sense to pay a higher interest rate on your loan.

Remember, a Sallie Mae student loan consolidation is irreversible.

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Once you have consolidated your loan, you cannot undo the consolidation. So make sure that the loan consolidation is the best thing for you before you do it.

Again, it is not necessary to consolidate your loans in order to make one monthly bill or to lower your payments. Sallie Mae can provide one bill for all of your federal and private student loans that they service.

Why should you consolidate your loans? Right now, interest rates are quite low. If your student loan is several years old, the interest rate may be significantly higher than the current interest rate and it would make sense to consolidate in order to lower the interest rate and payment amount. Sallie Mae student loan consolidation can be a convenient money management tool, and you can consolidate both federal student loans and eligible private student loans.

Depending on which financing company you work with, you may be able to extend the repayment terms up to 30 years. You may also be able to defer payments if you return to school. Usually, there is no prepayment penalty. You need to verify with your loan company what their individual loan requirements are.

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