Consolidating student loans with sallie mae
The process is definitely not easy, but it does seem to work for those who persevere.
If you’re one of the unlucky college graduates dealing with Sallie Mae’s nonsense, there may be some degree of hope.
These options are also available for federal consolidated loans.
First, a student can elect for graduated repayment, which is a loan that has lower monthly payments initially, and then increases its monthly payments over a 10-year period.
If this is the case, the consolidated loan and resulting repayment plan are managed by that private institution.
You may also qualify for lower monthly payments through the Income Based or Pay As You Earn Repayment Plans. Gather Documents to Prove You Are Experiencing Financial Hardship Once you know which loans are private, you’ll need to figure out exactly why they are unaffordable.
Both of my parents are out of work and I moved home to pay their bills to keep the house, but my loans went into default, with interest I owe 0,000 which is insane and I can't even get married or anything because of them.
I want to settle my debt but they don't deserve that interest from not helping make a real life payment plan for me .
This is often the reason that people cite when they say you shouldn’t combine federal and private loans.
But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.