Why performed Sallie Mae prevent giving education loan consolidation?
- Improve repayment terminology. Whether your monthly obligations are way too higher, you might refinance and prolong brand new installment term to the your loan. If you can manage high monthly payments and would like to shell out regarding your loan less, you might re-finance so you’re able to financing having a shorter installment name.
Sallie Mae was previously a loan servicer for both personal student education loans and government combination money, however, avoided providing government combination financing from inside the 2008.
Before, student loan borrowers put Sallie Mae’s combination provider to combine multiple federal finance with the one to Sallie Mae mortgage. By doing so, they may make use of a predetermined interest and you can a great solitary monthly payment.
But once Sallie Mae divided in to a few – Sallie Mae plus the Navient Corporation – they turned into a monetary features team one to focuses primarily on originating personal student education loans. Read more