Consolidating private student loans sallie mae
Private student loans and federal student loans have separate consolidation procedures.
By separating and being aware of which kinds of loans you have, you will be able to identify what your consolidation options are.
If your loans are private You will have to go the refinancing route.
Student loan refinancing is done through private lenders.
When you sell your loans to the private lenders, you also give up the federal programs that go along with them.
This makes it harder to pause your loan payments and causes you to lose your eligibility for income-driven plans.
The electronic application usually takes around a half an hour to fill out and requires you to have a verified FSA ID, basic contact information and income verification.
There are a lot of different companies that specialize in student loan refinancing, so how do you know which one works best for your loans?Student loan refinancing is a similar concept to student loan consolidation except that it is done through a private lender.This is a better decision for borrowers who are generating more income than when they started college.If your loans are federal You most likely qualify for a government program to consolidate these loans.The Federal Direct Consolidation Loan program will allow you to have only one bill each month.