Sallie mae rates consolidating student loans homerun in dating
We will analyze six of the top student loan servicers and give tips for how to pay off private student loans.
Note about the updates: Since we first wrote this post, more information about the top private lenders and their repayment programs has become publicly available.
First, we will cover options that lenders offer, and then we will highlight some other resources.
Sallie Mae handed off most of its older private loans to Navient after its 2014 split into two arms, but it still services loans, while also offering new student lending products.
As of February 2015, the post now contains new information about the three lenders that were originally listed here (Discover, Wells Fargo and Sallie Mae), along with details about other big private lenders.
Most importantly, we’ve also added new guidelines presented by the Consumer Financial Protection Bureau.
But while there are a growing number of options available to consumers, most student loan forgiveness programs and other repayment plans are only available to those with federal student loans.
Consumers should be hopeful about the future of private student lending, but this “hope” is of little use to current borrowers.
Thankfully, there are some options available for your private student loans.
According to Sallie Mae, “Most participants successfully complete the program and return to current payments.” Sallie Mae also claims that it will extend the reduction period for some borrowers, based on employment status and other financial indicators.
According to a letter from Sallie Mae to the CFPB, this program has a success rate of 78%.
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Even when consumers do struggle or fall behind, there are numerous resources available, and these resources are guaranteed.