Consolidating sallie mae and direct loans
Your financial history — including your credit score, income, job history and educational background — will dictate your new interest rate when you refinance.
You typically need a credit score at least in the mid-600s to qualify, and rates range from around 2% to more than 9%.
Private consolidation is often referred to as refinancing.
These processes are often confused, but they’re very different.
And while our site doesn’t feature every company or financial product available on the market, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward –- and free. " There are two types of student loan consolidation: federal and private.
Additionally, you’ll get a new loan term ranging from 10 to 30 years.
On the standard repayment plan for direct consolidation loans, you’ll make equal monthly payments for 10 to 30 years, depending on your total federal student loan balance.