Consolidating a sallie mae student loan
Earnest was recently bought out by Sallie Mae so I’d avoid them.
Student loans are tough, and they present borrowers with heavy debt burdens after college.
One of the most successful programs Sallie Mae offers, this program offers lower interest rates, as low as 1 percent, and sometimes includes a modification of the loan term.Traditionally, the borrower would then have to begin making monthly payments that include principal and interest.Under the GRP, the borrower only has to pay accrued interest for the first 12 months of repayment.Note about the updates: Since we first wrote this post, more information about the top private lenders and their repayment programs has become publicly available.For instance, all our post originally said about Discover was that “Discover encourages struggling borrowers to call its ‘Repayment Assistance Department.'” We were vague because, well, Discover was vague too.
We have already covered the best way to pay off student loans, but for many borrowers who are struggling, this method just isn’t realistic. Of course, this issue has caught the interest of politicians and the Consumer Financial Protection Bureau.