Consolidating student loans with sallie mae
FREE CONSOLIDATION OPTIONSSallie Mae‘s private loan consolidation is fee free, allowing for graduates and undergraduates to lump together all of their private loans into one lump sum, with a period of thirty years to make repayments.Interest rates are variable instead of fixed, and are mostly based on the student's or cosigner's credit history.Being a broke college kid and not coming from money, this was not only frustrating, but produced a sickening feeling that I still remember clearly to this day. In under three years, I was debt-free and on my way to achieving financial freedom in my mid-20s. This sounds like a simple first step, because we all say that we really want to be debt-free, but our actions don’t follow our words. You fully commit and develop a belief that ensures that it is not a matter of if you will achieve your goals; it is only a matter of when.When you add in the used Honda I bought for ,000, I started off in the real world worse than broke: I was ,000 in debt. I was sick of being broke — and, more important, feeling broke.The best ways to find all of this information are via your loan statements and a credit report.When I ran my first credit report, I found two additional accounts that I thought were closed that were not, so it’s important to do this on an annual basis.Figuring out how to pay for both college tuition and student loans is a problem plenty of undergraduates and graduates are struggling with, especially in this difficult economy, where less and less businesses are providing employment opportunities to recent graduates.With the increase of the number of loans students are taking out to be able to afford the costs of living associated with living at college, there is an increased opportunity for students to consolidate their loans and make it easier for them financially by making only one payment per month to cover the balance of all the other loans they have taken out.
Sallie Mae is the owner or manager of student loans for millions of borrowers trying to finish their education and begin a career.As my friends in other similar jobs were buying brand-new sports cars, I stuck to my used 2002 Honda and kept my expenses to a minimum.The biggest challenge that people have is getting out of the vicious debt cycle that becomes harder and harder to escape. You can’t fix what you don’t know, so I had to get very clear on all of my loan details, including all of the debt balances, lender information, interest rates, and the required monthly payment amounts and start dates.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.
Sallie Mae still provides consolidation for private loans, however, which provide a longer time period of payment but at higher interest rates, at a minimum of five thousand dollars in private loans and there are not penalties for early repayment.