Consolidating sallie mae loans and direct loans
Our company may receive compensation from partners seen on our website. Sallie Mae is one of the largest student loan providers in the United States.It used to be a federal loan servicer, so loans serviced by Sallie Mae were eligible for both consolidation with the Department of Education and refinancing with private lenders.Always check your credit report to assess how likely it is that you’ll qualify for a low-rate refinance loan.
While you can no longer use federal Direct Loan Consolidation to consolidate Sallie Mae loans, you can still refinance them with other lenders just as you can with any other private student loan.
You cannot refinance Sallie Mae loans with Sallie Mae, as the company doesn’t refinance its own loans.
But you can refinance with several other private lenders.
If you cannot afford your current student loan payments, you could also refinance your loan to increase the repayment term.
While this will reduce what you pay each month, you could end up paying more in interest over the life of the loan—even if your interest rate is the same or lower—because you’ll be paying your loan back over a longer period of time.