Hi,
This seems pretty good to me, but I just want to know if anybody knows of anything better out there.
Received info from Sallie Mae via e-mail, encouraging me to consolidate as my grace period will run out in June.
I have over $40,000 in 6 separate unsubsidized loans.
Currently at 2.77 variable rate (but not making any payments yet.)
SM says I can consolidate with 2.875 fixed rate starting in August.
Then down to 2.625 once I sign on for direct withdrawal from bank account.
Then down to 1.625 for life of loan after 36 months of on-time payments.
Input appreciated!
Full Version: Sallie Mae says...
QUOTE(bkinco @ Mar 29 2005, 05:26 PM)
Hi,
This seems pretty good to me, but I just want to know if anybody knows of anything better out there.
Received info from Sallie Mae via e-mail, encouraging me to consolidate as my grace period will run out in June. I agree wholehardedly that you need to consolidate prior to your grace period expiring.
I have over $40,000 in 6 separate unsubsidized loans.
Currently at 2.77 variable rate (but not making any payments yet.) This is the current grace rate for all stafford loans disbursed after July 1, 1998.
SM says I can consolidate with 2.875 fixed rate starting in August. You need to have the consolidation completed prior to the end of your grace period. Your payments may not begin until August.
Then down to 2.625 once I sign on for direct withdrawal from bank account.
Then down to 1.625 for life of loan after 36 months of on-time payments. The 0.25% and the 1.0% interest rate reductions are fairly standard and I see nothing wrong with that. If all of your loans are currently with Sallie Mae, then you will most likely be required to consolidate with them.
Input appreciated!
This seems pretty good to me, but I just want to know if anybody knows of anything better out there.
Received info from Sallie Mae via e-mail, encouraging me to consolidate as my grace period will run out in June. I agree wholehardedly that you need to consolidate prior to your grace period expiring.
I have over $40,000 in 6 separate unsubsidized loans.
Currently at 2.77 variable rate (but not making any payments yet.) This is the current grace rate for all stafford loans disbursed after July 1, 1998.
SM says I can consolidate with 2.875 fixed rate starting in August. You need to have the consolidation completed prior to the end of your grace period. Your payments may not begin until August.
Then down to 2.625 once I sign on for direct withdrawal from bank account.
Then down to 1.625 for life of loan after 36 months of on-time payments. The 0.25% and the 1.0% interest rate reductions are fairly standard and I see nothing wrong with that. If all of your loans are currently with Sallie Mae, then you will most likely be required to consolidate with them.
Input appreciated!
fla-tan
They offered me the same as you and a 1% reduction in principle or cash back. This was after they received my paperwork to consolidate with UHEAA. UHEAA is giving me 1.25% reduction for automatic withdrawl and 1% reduction after 48 payments. You must have multiple lenders to consolidate with UHEAA though. Personally I hate Sallie Mae!
Sallie Mae denied my loan, apparently I didn't owe enough to make it worth their time ($1500)
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