Consolidating direct loans sallie mae

06-Nov-2017 10:18

If the Sallie Mae loan is a federal student loan then you would most likely be able to do a Direct Loan federal consolidation of both loans.See The Ultimate Guide to Dealing With Student Loans You Can’t Afford for more information about how to lower that consolidated loan payment based on your income. Begin by logging in to your account at using your four-digit federal Personal Identification Number (PIN). The application will be populated with information from your loan record.If you don’t remember your PIN, you can get it here: gov. You will be asked to review and select loans for consolidation.of the loan is the one who is collecting the money from you.

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But as many people have learned the hard way, navigating the world of private student loan debt can be quite a bit worse.You’ve done your homework and determined that you are ready to consolidate your federal student loans. Here’s what you need to know The Federal Direct Consolidation Loan Application and Promissory Note process must be completed in a single session. You may complete a paper version of the Federal Direct Consolidation Loan Application and Promissory Note but the electronic application is encouraged and will likely be processed more quickly. To begin with, a new electronic consolidation loan application process was launched on the Student Web site on January 2, 2014.The key terms for federal consolidation loans do not vary by lender: no application or origination fees are allowed and there are no prepayment penalties.

Federal law sets the period of time for paying back the loans and sets a ceiling on the interest rate.The process is definitely not easy, but it does seem to work for those who persevere.