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The company offers a variety of student specific loans, including loans for undergraduate and graduate students, loans for career training, loans for medical and dental residencies, and loans for law students preparing for their bar exams.Sallie Mae also offers extensive 529 College Savings Plans for students and their families, as well as banking services and student friendly insurance policies for health, auto, home and tuition. Department of Education made the landmark decision to allow you to choose your consolidation servicer (of which, Great Lakes is one) under the Direct Consolidation Loan program.Since you must select a repayment plan on your application, start by determining which plan makes the most sense for your situation.When you consolidate your Federal student loans, you go through the Direct Consolidation Loan program.
For those students holding Federal loans which are being managed through Sallie Mae, borrowing limits and repayment schedules will be set by the government.For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time.Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years.Note: Depending on your situation, there may be eligibility requirements for certain plans.
Refer to the consolidation application for more information about repayment plan eligibility. Your information won't be saved if you navigate away from the online application.Are you tired of managing multiple federal student loan payments with multiple interest rates or multiple servicers? The online application should then only take you about 30 minutes to complete.