Consolidating sallie mae loans and direct loans
It’s a good idea to try to forecast how your refinance loan will affect your long-term costs.
Our student loan refinance calculator can help you run the numbers to see how a change in loan rates or a change in your loan repayment options could affect your costs.
If your goal is to pay less in interest, refinancing will be effective only if you can qualify for a new loan at a lower rate.
If your credit hasn’t improved much since you took out your original Sallie Mae loan, this may not be possible.
Next, we’ll review a few of your options for refinancing Sallie Mae loans so you can decide if this is the right move for you.
Here are our top picks to refinance your Sallie Mae loans.
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.
Before you refinance, consider whether taking out a refinance loan will lower your rate or help financially in other ways.This will give you an idea of the rates you’ll receive so you can decide if going forward with refinancing is worth it.If your goal is to reduce your monthly payment because you can’t afford your current one, this may be possible even if you can’t qualify for a loan at a lower rate.Our research, news, ratings, and assessments are scrutinized using strict editorial integrity.Our editorial staff does not receive direction from advertisers on our website or our Partnerships Team.
You just need to be able to qualify for a refinance loan with an extended loan repayment term.