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Key takeaways. Sallie Mae offers private student loans and banking. Refinancing a Sallie Mae loan with another lender could result in a lower interest rate and monthly payment
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Original loan. Refinanced to lower rate. Refinanced to shorter term. Amount. $50,000. $50,000. $50,000. Interest rate. 12%. 6%. 12%. Term. 10 years. 10 years. 5 years ...
There’s a good reason for that: Sallie Mae has a long history, during which time it has provided both federal and private student loans. However, as of 2014, all of Sallie Mae’s student loans ...
However, only refinance if you’re offered a more competitive rate than your federal loans and don’t plan on using the Education Department’s federal relief programs. 4. Con: You lose all ...
Although the monthly repayments are lower, the total amount paid over the term of the loan is higher than would be paid with other loans. The fixed interest rate is calculated as the weighted average of the interest rates of the loans being consolidated, assigning relative weights according to the amounts borrowed, rounded up to the nearest 0. ...
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