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Loans Debt Consolidation
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Usually when students go in for higher education they face a lot of problem with paying the high fees. Apart from taking non-payment funds, which are easily available in colleges, students often require loans so that they can fulfill their educational needs.
Once the studies are complete and the time for repayment comes most of the students find it extremely difficult to meet the payments. If you are in any such condition then dont bother you can take a Sallie Mae student loans consolidation. You can take this loan to pay off your student loan debt.
With the help of a Sallie Mae loan consolidation you can combine all your student loans into one and can save a lot of cash. The interest rate on this consolidated Sallie Mae loan is lower than most of the loans. It can be as low as 5% or even lower than that. Even a small difference in the interest rate can reduce the monthly payments considerably. Besides the lower interest rates the term of repayment for these loans is also long. The longer the term of repayment the smaller would be the monthly payments. But also keep in mind that the longer the term of the loan the more you would have to pay.
These loans are also available online and require no credit check and there is no fees involved. If you spend some time on the Internet then you can easily apply for these loans and reduce the monthly payments. There are many students who opt for loan deferment or forbearance if you are under any such circumstances then getting a Sallie Mae loan would mean a new start. Even if you think that you would have to default on your student loans then a Sallie Mae loan can just be your savior.
There are four options of payment with a Sallie Mae consolidated loan:
Standard repayment plan if you have the ability to pay back the loan amount in the specified monthly
installments then it is suggested that you should keep up with your initial plan of payment. With a standard payment you would be paying large amount of sum as an installment but the interest rates are low. This would help you come out of the loan in earlier time duration and you can save money by paying in a lower interest rate. Besides the amount of repayment that you make and the duration that is allotted to you depend on the loan amount that you have taken. Your duration would be a maximum of ten years.
Graduate repayment plan with this payment plan you can have a low monthly installment at the beginning of the repayment period but with time the payments keep on increasing. The duration of increase would be either two or three years. If you have just started on your job then this can be the best option for you. If you have taken a federal direct student loan from the government directly then with this plan you would pay as much as half the amount of what you would have paid with a standard payment plan. There might be some lenders who would be generous enough to allow you to pay only the interest for the first few years and after that you can make the payments towards the principle amount. The payment period again depends on the amount of loan you have taken. Depending on the payment period the lender would allow you duration as long as thirty years. However with a graduate payment you end up paying more than what you are actually supposed to pay. Firstly you are paying only the interest in the beginning and later you have to pay the principle as well as the interest.
Extended repayment plan if you want to extend your loan payment for a longer time then you can do this with the help of an extended repayment plan. With this plan you extend your payments for a period of twelve to thirty years and the payments are comparatively lower. However you would have to pay the interest on the loan when you extend the time of payment. There are many lenders and at times the government allows you to club the extended plan with the graduate plan but these would result in you paying a lot more than what you would have paid originally.
Income based repayment plan in case people who have taken a student loan have a low income or unstable earnings then they can opt for this plan. Under this plan you are supposed to make payments according to your income. The amount of money to be paid is decided on an annual basis and this depends on your loan amount, your income and the household expenditure.
With the help of a Sallie Mae loan consolidation you can, not only lower the monthly payments, but also may a single payment towards all your loans. These consolidated loans are available at a lower interest rate. Besides all your loans are clubbed into one loan and you are required to make only one monthly payment towards the consolidated loan. You can consider a consolidation if you just cant afford to keep up with the monthly payments and there is a whole lot of amount that needs to be paid back A Sallie Mae consolidation loan is just the right option for you if you are having trouble paying off your students loan. Before you take the Sallie Mae loan consolidation you should look out for other options also. You would definitely need the best option for consolidating your student loan.
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