Eligibility
You must be a U.S. citizen or eligible permanent resident.
You must have good credit or apply with a creditworthy cosigner
You must have reached the age of majority in your state of residence.
Student for whom the loans will be consolidated must have completed or will complete his/her course of study within 30 days. (May be required to provide proof of graduation.)
Features
Consolidate private education loans from $5,000 up to $275,000 (without a cosigner).
Combined billing with one convenient monthly payment. (Sallie Mae customers can enjoy combined billing on any Sallie Mae-serviced loan.)
Extended repayment terms—up to 30 years (depending on balance).
Sallie Mae's Private Consolidation Loan offers flexible repayment terms including the option to defer payments if you return to school.
There is no prepayment penalty.
No application deadlines.
Loan Terms
Loan Limit
The loans that you are consolidating must total at least $5,000 to qualify for this Private Consolidation Loan.
There is no maximum loan amount if you have a creditworthy cosigner.
If you do not have a cosigner, there is a maximum loan total of $275,000.
Interest Rate
Interest rates are variable and reset monthly.
Fees
A one-time disbursement fee is added to the loan amount at disbursement.
There are no repayment fees.
Repayment
You may take up to 30 years to repay, depending on your loan amount.
You may choose to make regular payments of principal and interest through the life of your loan, or interest-only payments for the first 12 months, followed by regular payments of principal and interest.
Repayment begins 30–45 days following disbursement.
If you consolidate your loans you will lose eligibility for borrower benefits—including grace, deferment, and forbearance—that applied to the original loans.
You must be a U.S. citizen or eligible permanent resident.
You must have good credit or apply with a creditworthy cosigner
You must have reached the age of majority in your state of residence.
Student for whom the loans will be consolidated must have completed or will complete his/her course of study within 30 days. (May be required to provide proof of graduation.)
Features
Consolidate private education loans from $5,000 up to $275,000 (without a cosigner).
Combined billing with one convenient monthly payment. (Sallie Mae customers can enjoy combined billing on any Sallie Mae-serviced loan.)
Extended repayment terms—up to 30 years (depending on balance).
Sallie Mae's Private Consolidation Loan offers flexible repayment terms including the option to defer payments if you return to school.
There is no prepayment penalty.
No application deadlines.
Loan Terms
Loan Limit
The loans that you are consolidating must total at least $5,000 to qualify for this Private Consolidation Loan.
There is no maximum loan amount if you have a creditworthy cosigner.
If you do not have a cosigner, there is a maximum loan total of $275,000.
Interest Rate
Interest rates are variable and reset monthly.
Fees
A one-time disbursement fee is added to the loan amount at disbursement.
There are no repayment fees.
Repayment
You may take up to 30 years to repay, depending on your loan amount.
You may choose to make regular payments of principal and interest through the life of your loan, or interest-only payments for the first 12 months, followed by regular payments of principal and interest.
Repayment begins 30–45 days following disbursement.
If you consolidate your loans you will lose eligibility for borrower benefits—including grace, deferment, and forbearance—that applied to the original loans.
