• Progress fees terminology. When your monthly installments are way too higher, you could potentially refinance and you may lengthen new cost identity towards the loan. If you’re able to manage higher monthly payments and wish to pay out-of the loan shorter, you can re-finance in order to that loan with a shorter payment label.

Sallie Mae used to be that loan servicer for both private student loans and federal integration financing, but stopped providing government combination finance into the 2008.

Prior to now, student loan individuals used Sallie Mae’s combination services to mix numerous government fund to your you to Sallie Mae mortgage. In so doing, they could take advantage of a predetermined rate of interest and you can an effective unmarried payment per month.

But when Sallie Mae divided in to two – Sallie Mae therefore the Navient Business – it became an economic attributes team one focuses primarily on originating private student loans. Meanwhile, Navient proceeded to a target servicing government fund.

Consolidation against. refinancing

Since Sallie Mae no longer offers refinancing or consolidation, federal student loan borrowers can turn to Head Combination Financings from the Department of Education. These loans let you combine numerous government finance on the one loan with a fixed interest rate and a single monthly payment. It’s important to note that you can’t consolidate private student loans with a Direct Consolidation Loan.

If you have private student loans or a combination of private and federal loans, you may want to consider refinancing your loans into one private loan for a lower interest rate and better repayment terms. Leer más