Sallie mae rates consolidating student loans
Borrowers who are having difficulty with private student loans, from lenders like Sallie Mae, have fewer options.
Today we are going to take a look at the programs available to private student loan borrowers.
Student loans are tough, and they present borrowers with heavy debt burdens after college.
Private student loans are a bit more of a “crapshoot.” Maybe you got lucky and picked a lender who tends to be more forgiving.
Under the GRP, the borrower only has to pay accrued interest for the first 12 months of repayment.
This means that recent graduates have 18 months before being required to pay toward the principal.
According to Sallie Mae, “Most participants successfully complete the program and return to current payments.” Sallie Mae also claims that it will extend the reduction period for some borrowers, based on employment status and other financial indicators.
According to a letter from Sallie Mae to the CFPB, this program has a success rate of 78%.
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First, we will cover options that lenders offer, and then we will highlight some other resources.