Student Loan Consolidation Services

Sallie Mae is fully committed to offer various student loan programs and also offers other repayment alternatives. The mission of Sallie Mae is to expand the access to higher education and to make sure no student is being denied the chance to fulfill their dreams. This particular decision has allowed Sallie Mae to direct their resources on increasing collage and higher education access for more and more students. Sallie Mae is one of the main leaders in US, providing student loans and collage saving plans which has helped many students in America fulfilling their dreams of collage education. This company mainly provides private and federal student loans for both graduate and undergraduate students. Moreover, it offers important information that can assist students and their parents with the financial assistance procedure.

 
Sallie Mae in fact owes student loans for almost 10 million consumers and administers above 18 million dollars in collage saving accounts. It even employs almost 12,000 people at its office throughout the nation. It was originally established in the year 1972 as GSE or government sponsored entity. This company started privatizing all its operations in the year 1977, the procedure it finished at the end of the year 2004 when it completed its links with the federal government. This company is also listed as one of the top most innovators in the information technology and on the list of Fortune 500. This company is even been recognized as among the 100 best corporate citizens and among the top 30 organizations for executive women. 

Sallie Mae Student Loans

Sallie Mae student loans can help students to overcome the burden of financing the expenditure associated with their higher education. These student loans have some of the best payback policies and better rate of interest. These student loans include federal Perkins loans and federal Stafford loans. Perkins loan is exceptional in which the collage the student attends will be the loan lender for them. Some of the collages do not participate in this type of loan program. However, in the case of Stafford loan, Sallie Mae acts as the loan lender and even as the guarantor. Instead of obtaining loans from the bank students can use Sallie Mae student loans as the rates are lower and the payment terms are far better than the loans provided by the banks.          

Student loan has some income and grade restrictions however a private loan does not have any restrictions and allow the student borrowers to obtain more money. The main concern with Sallie Mae student loans is with the credit score of the student. Most of the students go for more than one loan program for paying their collage expenditures since most of these loans have various terms of payments, payment dates and interest rates. So, these students find it beneficial to consolidate their loans into just one Salle Mae student consolidation. However, if a student decides to consolidate his or her loans then he or she may end-up paying high rate of interest. So, think before consolidating the loan as once a student consolidates his or her Sallie Mae student loan then he or she cannot turn back and change the plan.         

Sallie Mae is the company that offers both private and federal student loans for sponsoring the students for their higher educational expenditure. Besides that it also offers private and federal loan consolidation plans for undergraduate and graduate students and even their parents. A part from providing valuable financial assistance to students it also guides, informs and educates every student and their parents on different alternatives available.   

Credit Qualifications for a Sallie Mae Student Loan

General Loan Consolidation and Federal Loan

• Sallie Mae does not conduct any kind of credit check to obtain student loan
• Sallie Mae federal loans are generally requirement based loans therefore the company does not need to check credit scores of every student borrower when applying for the loan.
• These loans are being assured by the federal government of US and so they do not cause any risks to the loan lender.   
• Sallie Mae has no programs for consolidating defaulted federal loans.
• Sallie Mae offers reduction in the rate of interest for continuous payments and for auto debit facilities.
• The company does not charge for premium fees irrespective of the credit score of the student borrower.
• The company also does not charge any processing or application fees for federal loans.
• They usually offer lock in facility and fixed rate of interests.
• There is also no minimum amount required for consolidating federal loans.

General Loan Consolidation and Private Loan

• They usually do not provide loans beyond 275,000 dollars and not without a consigner.
• Student borrower must have 5,000 dollars minimum for consolidating private loan.
• They offer loans at variable rate of interest.
• They also conduct credit check and to be eligible a good credit score is necessary.
• They normally charge high rate of interest and monthly premiums for bad credit score.
• Rate of interest is being reset every month.