Consolidating sallie mae signature loans

The good news is that the Department explains on its web site that if any loan you want to consolidate is still in the grace period, you can delay entering repayment on your new Direct Consolidation Loan until closer to your grace period end date.

You can indicate this when you apply, and the consolidation servicer will wait to process your application until the appropriate time.

Another common problem is that partial discharge of a joint consolidation loan under any of the discharge programs (other than death discharge) does not eliminate joint liability for the remaining balance.

If you already have a consolidation loan with either FFEL or Direct, you are not allowed to “reconsolidate’, except in limited circumstances.This may be a good idea if you want a single monthly payment.You may also be able to get a better deal if, for example, your credit score is better now than it was when you first took out the private loans.The Department strongly encourages borrowers to apply on-line, but you may also download and print a paper application to submit by regular mail. Prior to July 1, 2006, married borrowers could choose to consolidate federal student loans from both spouses or jointly consolidate the loans of either spouse.The Department provides the following contact information if you have questions: If necessary, you can also try calling the general Student Loan Support Center at 1-800-557-7394. Both borrowers had to agree to be jointly and severally liable for repayment.

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