The agency used to allow student-borrowers to apply for the consolidation of federal loans directly, but this is no longer the case: They now have to apply directly to the U. Department of Education's Federal Student Aid division.Sallie Mae can continue to manage the new Federal Consolidation Loan, if the borrower wishes. However, for those who have both private and public student loans, it is possible to use the special programs offered to give relief to federal loans, and then apply those savings to the Sallie Mae loan.Some people in this situation apply for a federal income-based repayment plan and use the extra capital to pay off the Sallie Mae loan.
An interruption in this consecutive period is allowed for qualifying military service members or affected civilians.
These borrowers may resume their rehabilitation payments after their service is completed.
ECSl's address is 181 Montour Run Road, Coraopolis, PA 15108 and their phone number is 888.549.3274.
ECSl will refer borrower to the Perkins Loan Department at Eastern Michigan University for additional assistance, if necessary, at 800.813.3479.
For more information, visit the Frequently Asked Questions (FAQs) page on the ECSI website.
Sallie Mae (Student Loan Marketing Association) loans issued by SLM Corporation (SLM) similar to other private loans, cannot be forgiven.
Doing so not only means lower monthly payments (obviously), but it also saves a lot of money over the entire life of the consolidated loan, reducing long-term financial stress.
Private student loans can only be refinanced or consolidated with other private loans, and public loans with other public loans.
Sallie Mae, for example, has forbearance options for those needing it.
By using this option, a person is able to temporarily pause loan payments without facing delinquency.
Unfortunately, Sallie Mae no longer offers private loan consolidation.