Private Student Loans I need to Consolidate. HELP!!!!!?
Asked by John-Mark YI need to consolidate private student loans. NOT FEDERAL. Thus I need someone's help with who to consolidate them with. Most companies only deal with private student loans. The payment is killing me and I need to get them consolidated. Please someone help!!!!!
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Answered by Sallie Mae
Sallie Mae can help you consolidate your private student loans. Your private consolidation loan will be credit based, meaning the interest rate you pay will be decided by your credit history. So, if you haven't had a chance to establish credit yet, having a cosigner with good credit could help you qualify for a lower interest rate. You can extend your repayment term up to 30 yrs (depending on the loan amount) which will lower your monthly payment. Keep in mind this will increase the total amount of interest you pay over the life of the loan, if you make only the minimum payments. There is no prepayment penalty, however, so it's a good idea to pay more than the minimum as soon as you comfortably can (just like a credit card). For more information, see: www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/private/private.htm
Sallie Mae can help you consolidate your private student loans. Your private consolidation loan will be credit based, meaning the interest rate you pay will be decided by your credit history. So, if you haven't had a chance to establish credit yet, having a cosigner with good credit could help you qualify for a lower interest rate. You can extend your repayment term up to 30 yrs (depending on the loan amount) which will lower your monthly payment. Keep in mind this will increase the total amount of interest you pay over the life of the loan, if you make only the minimum payments. There is no prepayment penalty, however, so it's a good idea to pay more than the minimum as soon as you comfortably can (just like a credit card). For more information, see: www.salliemae.com/after_graduation/manage_your_loans/consolidate_student_loans/private/private.htm
