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Is a Sallie Mae College Loan Consolidation for you

Have your college loans gotten the best of you? Consider a Sallie Mae College loan consolidation. Sallie Mae college loan consolidation is a great option for many new graduates to pay off their federal loans and maybe even end up with a few extra bucks in their pockets at the end of the month. With this type of loan, Sallie Mae combines all of your existing student loans into a single loan, most often with a much lower interest rate (as low as 4.75%). If you've just graduated college I'm not going to insult you by explaining the tremendous difference a few percentage points of interest can make in your monthly payment. In terms most of you can understand, it might mean the difference between mac & cheese or an actual meal.

Interest rates on federal student loans fluctuate annually. Fluctuations in interest rates affect the amount of monthly payments as well. Sallie Mae college loan consolidations provide a fixed interest rate for the duration of the loan. This creates a secure feeling.

Sallie Mae provides the option to increase the time to repay the loan. This flexibility makes for lower monthly payments over duration of the loan. Although, the longer duration means paying more interest over time, this may be an option that will help you as you initially enter the job market. Sallie Mae loan applications are free and there are no fees or credit checks required. Once the Sallie Mae college loan consolidation process has begun, existing loans balances are paid in full.

This leads to a better credit rating. Financial setbacks are a common experience for graduates as they attempt to enter the workforce. These setbacks may lead to late or missed payments at times. Once deferment and forbearance options are exhausted, a consolidation loan can help beat these financial setbacks. A Sallie Mae loan can give you the fresh start you need. Problems mount with defaulting on loans and add to the financial setbacks.

Sallie Mae college loan consolidation programs can prevent these setbacks from controlling your life. There are four options for repayment within the Sallie Mae system: Standard, the Extended, Graduated, and Income Contingent. The Standard Repayment Plan - fixed monthly payments, maximum loan term is no more than 10 years Extended Repayment Plans - provides fixed monthly payments amounts, standard loan duration for repayment ranges between 12 and 30 years, which is dependant on the total amount of the loan, and lower monthly payments are a benefit of the longer repayment schedule Graduated Repayment Plans - standard loan duration ranges 12 to 30 years, plan increases monthly at two-year increments, payments remain fixed at the new larger amount Income Contingent Repayment Plan - payment amounts are calculated based on annual gross income, family size and total amount of the loan applied for and the loan term is longer (25 years) allowing the payments to be smaller.

Interested in loan consolidation? Go to and learn about education loan consolidation and other related topics.

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