If you have any non-qualifying Sallie Mae loans, then you might be in luck! If you go through the process of refinancing, you can turn your loans into qualifying ones. To start, check with your lender to see if they will refinance them for you.
If you already have a Sallie Mae loan, what are your options?
There are things that you can do once you have a Sallie Mae loan to help improve your financial situation. For example, you can refinance your loan with a different company and pay it off early or switch to an income-based repayment plan.
If you have a Sallie Mae loan, refinancing your loan is a possibility. The earlier you refinance, the more options you will have. You can pay off your private student loan with a government backed loan or use it to self-fund another education venture.
Getting started on refinancing Sallie Mae loans
For some borrowers, refinancing their Sallie Mae loans is a feasible option. With the decision to refinance still in the hands of the borrower, they must be sure they are able to handle this financial move before deciding to do so.
Before you start the process, you’ll want to know exactly what you’re getting yourself into. For example, there are federal regulations that dictate how much debt is allowed to be refinanced with a loan like this. If your debt load exceeds those regulations, then you may not need to refinance it after all.
Checking with your lender to see if they will refinance them for you
If you had a lot of Sallie Mae loans, but now your credit is as good as gold, it may be possible to refinance them for even better terms. You can approach your lender and ask if they will refinance your loans for you. In most cases, lenders have better rates and less restrictions than the original loan.
If you are thinking about going through the refinance process, it’s a smart move. You may find it easier to get your loans refinanced rather than trying to repay them over time. Check with your lender to see what their policies are regarding refinancing.