Among those borrowers, 27% said the information they received about debt management and consolidation assistance was not useful at all. of Education took time recently to remind borrowers of their rights.
In addition to their extensive in-house services, Sallie Mae also acts as administrators for their client’s Federal student loans.College students will find that Sallie Mae can address all of their education related financial needs.Students who have qualified for a Federal Consolidation Loan may still choose to manage their loan through Sallie Mae, and may be eligible to take advantage of the repayment options discussed above.Sallie Mae no longer offers private loan consolidation.They say one person’s misfortune is another’s gain, but the Department of Education doesn’t want that to be the case for tens of thousands of students affected by ITT Educational Services’ closure of 130 ITT Technical Institute campuses, no matter how good the deal sounds.
While now-former students of the for-profit college are likely exploring their options — seeking a discharge of student loans or transferring to a comparable school — a lack of information or misinformation could lead consumers to become victims of scammers. of Education reminded students on a recent webinar that they still have rights when it comes to their federal student loan debt.The repayment options discussed above have been put in place to address the needs of students wishing to lower their monthly payments, without the necessity for writing new consolidated loans.Students may still choose to consolidate their outstanding loans through another financial institution, in which case their new repayment plan will be governed by their new private lender.Up until recently, student-borrowers could apply for a Federal Consolidation Loan through Sallie Mae, but recent changes in the Federal student loan program have shifted the application process back to the Federal government.Students interested in securing a Federal Consolidation Loan must now apply directly to the U. Department of Education’s Federal Student Aid Division.Still, it should come as no surprise if some students aren’t aware of their rights or the lurking dangers associated with student loans debt consolidation and school transfers.