How to Consolidate Student Loans at Sallie Mae. Many college students spend years paying off their student loans. Sallie Mae is the owner or manager of student loans for millions of borrowers trying to finish their education and begin a career. Consolidation may be able to save you money over the long term.
Learn the benefits of student loan consolidation. If you consolidate your federal student loans into one monthly payment, you can often reduce your monthly payment by as much as 52 percent. Student loan consolidation can be a good debt management tool and Sallie Mae representatives can help you determine the best plan for your situation.
Consolidate student loans at Sallie Mae by deciding whether you want the lowest possible monthly payment or if you want to save money over time on your student loans. Before you call Sallie Mae or go online to apply for consolidation, have all of your student loan information handy so that you can answer any questions.
Check the interest rates as you prepare to consolidate student loans at Sallie Mae. Another benefit of consolidation is locking in one loan at one fixed interest rate. This rate will be based on the average of the interest rates of your current student loans. Often, you can get an added rate discount if you get set up for electronic payments from your bank account.
Allow yourself enough time to consolidate student loans at Sallie Mae. Make sure you plan enough time to have a 1 to 2 month period for your loan consolidation application to go through. Soon after consolidation, your payments will begin. It may be a good idea to make your consolidation effective close to the end of your grace period on your current loans.