Loan consolidation is important for undergraduate and graduate students who have difficulty financing their studies. The loan consolidation Sallie Mae offers are well known in the student loaning industry.
Starting as a federal government subsidiary, Sallie Mae Corporation or simply SLM is now an independent company that offers student loans. Basically, the loan consolidation Sallie Mae offers encompass almost all types of loans.
There are basically two types of loan consolidation Sallie Mae offers—federal consolidation loans and private student loan consolidation. The Federal Loan Consolidation Sallie Mae offers are part of the Federal Family Education Loan Program or FFELP. In this type of loan, the terms are dictated by the federal government.
Loan consolidations Sallie Mae offers under this type has a $5,000 minimum value. As added benefit, those with a $10,000 and above loan are eligible for a 1% rate reduction after 3 years of on time payment. Consolidations Sallie Mae offers those with a $75,000 and above loan include a 0.25% savings on electronic debit payment set-up.
The next type of loan consolidation Sallie Mae offers for private loans is a form of personal loan that is credit-based. This allows college graduates with a flexible payment scheme to afford monthly bills. The terms of the loan consolidationsSallie Mae offers under this type include a minimum of $5,000 loan, capability to apply with a co-borrower for those without a good credit rating, and flexible interest rates. In addition, the Sallie Mae allows the borrower to have limitless borrowing, especially those who have already made a number of loans, like Law, MBA, Med or Dental. There are no fees if the loan is paid early, and the loans Sallie Mae provides should be paid 30 days from the loan disbursement date.
For additional information about the loan consolidations Sallie Mae is offering, you can check out their Planning for College section, which can be found in the company’s website. Aside from loan information, it provides information on how borrowers can plan their financials effectively, as well as savings plans that Sallie Mae offer to college students.
Aside from getting important information, borrowers can check out the After Graduation section of the site for career advice, checklists for loan repayment, tools for financial management, and other wealth-building tools and services. Most of the consolidation Sallie Mae offers are meant for students after graduation.
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