Consolidating a sallie mae loan

This means you can't combine your federal and private student loans into one payment plan with one interest rate.

The best private student loans allow you to do this. While PNC won't fine you for paying off your student loan early, it may prevent you from qualifying for a lower interest rate in the future.

That single loan will be easier to manage, because you’ll only make one monthly payment, and because it has a longer term than your old loans that payment will be smaller than the sum of your current payments.

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As you see, deciding whether consolidation is the right course for you depends not only on your current situation but also on the terms of the new loan. Department of Education (USDOE) has established a well-documented system of rules for federal student loan consolidation, and each private lender has its own guidelines for acceptable consolidation plans.

If you have both federal and private student loans, you will have to consolidate those types of loans separately. To guide you in making a decision about student loan consolidation, you can try a simple online assistant introduced by USDOE in the middle of 2012 to help students understand the basic principles of personal finance and apply that knowledge to their management of their student loans.

The assistant is called the Financial Awareness Counseling Tool (FACT), and it consists of a series of tutorials based on information from your own government loans, using that information to create a personalized analysis of your financial situation and offer appropriate advice.

You’ll have an opportunity to add financial details from other sources to the data used by FACT.

Yes, there may be tax consequences, but that shouldn't deter you from these programs.

It is the best alternative if you can't afford your loans and you are looking for forgiveness options (and we discuss the taxes a bit at the end of the article).

When we tested their live chat service, we received a response within three minutes.

There was, however, a wait time before we could chat with a service agent.

College Ave and Citizens Bank offer several repayment options.

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