Consolidating sallie mae signature student loans
Your interest rate will be the weighted average of all the loans you consolidated (rounded up to the nearest 1/8 percent), and your payment should also equal the sum of all your individual payments.
Because remember, student loan consolidation is about convenience in paying multiple loans – nothing else.
If you take out a different loan each year of college, maybe a couple summer sessions - you could have a variety of loans at different places.
In such instances, it may be worth it to consider a student loan debt consolidation loan (a mouthful isn’t it?
Especially so when you have your loans scattered between different student loan servicers.
It's not unheard of for graduates to end up with 5-6 different student loans, sometimes at different loan companies.
The most common problem involves PLUS Loans Made To Parents. However, if you're a parent with other student loans in your name, and now you have this PLUS loan, you could potentially add it to your other loans via consolidation.
This can be hard to manage because you could have 3 different payments to make each month.
And if you miss one, you could end up harming your credit score.
If you can manage to add, say, an extra and pay 0 each month, you could in fact offset the time disadvantage that is introduced by paying less money towards your student loans.
Note: This doesn't apply to Spousal consolidation loans.