Consolidating Sallie Mae Private Loans

[scottyboy75]

Has anyone here consolidated a Sallie Mae alternative loan they got from UVSC? I am looking to do this this year and wondering wht to expect.
Shane

 

[WAFlyBoy]

For me, the only consolidation that would truly be an improvement in loan terms would be one secured by real estate. This will vary, depending on the terms of your loan.

Do you have a specific question about loan consolidation?

 

[scottyboy75]

Just how the process works and what the end result is.
Shane

 

[WAFlyBoy]

A loan consolidation is basically taking out a new loan to pay off one or more old loans. You really only want to do this if you're unsatisfied with the terms of your old loans, or you can benefit by combining several loans into one.

The process is pretty much the same as applying for the original loan, and the end result will be that your old loan is paid off with money from the new one.

Why do you want to consolidate?

 

[scottyboy75]

Looking to be able to pay one payment and have it apply to all the loans I have with them. As it stands now to pay 1,000 a month requires 2 days and 4 payments. This would simplify the process.
Shane

 

[WAFlyBoy]

I would call Sallie Mae and see what they can do. They'll explain the process.

 

[scottyboy75]

Calling that place is like volunteering far a colonoscopy! But am going to give them two hours of my time on Friday.
Shane

 

[WAFlyBoy]

I feel your pain dude.

 

[moxiepilot]

Calling that place is like volunteering far a colonoscopy! But am going to give them two hours of my time on Friday.
Shane

It's more like a pap smear

 

[Pietrantonio]

Shane,

Check out this link from the SLM website. Not sure if you've already had a look or not, but hope this helps a bit. As far as the what to expect, well it's SLM, need I say anymore anic:. I think you hit the nail right on the head.

http://www.salliemae.com/site/pcl/apply-online.htm