As federally sponsored student loan giant Sallie Mae prepares to go private, it's squeezing every last penny from student borrowers while opening up scads of new businesses. If this is the way they ran their operations in 2003, how in the world are they still allowed to operate?!
And the company prevents many of its borrowers from consolidating loans with anyone else but Sallie Mae -- which doesn't always offer the lowest interest rates.
Even if you haven't borrowed from Sallie Mae, chances are good you'll be dealing with the company in the future: part of the loan giant's business involves buying out loans from smaller companies.
And if you're dealing with Sallie Mae, chances are you could be heading for serious financial trouble and not even know it.
Here’s a step-by-step plan for regaining control of your Sallie Mae private student loans. Identify Which Loans Are Which You may have both federal and private loans through Sallie Mae, which often adds to the confusion.
The easiest way to resolve this is to complete a Federal Direct Consolidation on your federal student loans.
Particularly if we’re talking about Sallie Mae private student loans.