Consolidating sallie mae signature loans
Always check your credit report to assess how likely it is that you’ll qualify for a low-rate refinance loan.You should also consider getting preliminary rate quotes from a few refinancing lenders before you begin the official application process.You can refinance Sallie Mae loans with a number of lenders, including Earnest, Common Bond, and Laurel Road.Before you refinance, consider whether taking out a refinance loan will lower your rate or help financially in other ways.
In this guide: Read More: Student Loan Consolidation vs.
The new loan isn’t cheaper, though, because your new interest rate will be a weighted average of rates on the loans you consolidated.
However, if you want to consolidate or simplify your private Sallie Mae loans, you can still accomplish this by refinancing them.
If you cannot afford your current student loan payments, you could also refinance your loan to increase the repayment term.
While this will reduce what you pay each month, you could end up paying more in interest over the life of the loan—even if your interest rate is the same or lower—because you’ll be paying your loan back over a longer period of time.