The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
  • Books
  • Categories
  • Coaching
  • Book Lynnette
  • Money Coach University™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
No Result
View All Result
The Money Coach
No Result
View All Result

Should You Transfer Your Sallie Mae Student Loans?

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Student Loans
Reading Time: 1 min read
stafford loans
10
SHARES
159
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Q: I have four Stafford loans with Sallie Mae – three are subsidized and one is unsubsidized.

I also have one student loan with direct loan. I am considering transferring the Sallie Mae loans to direct loan. Does it make sense to transfer these loans?

A: When you say “Direct Loan,” I believe you are referring to the U.S. Department of Education’s Direct Loan Program, where you can transfer and consolidate your federal education loans into a single, new loan which offers lower monthly payments.

Whether or not it makes economic sense to transfer the loans depends on a host of factors, including: how manageable (or unmanageable) your monthly payments are; how many payments are left on your existing loan; the amount of time and interest you are willing to pay over time; and the interest rates on your current loans.

If you have variable rates on those Stafford Loans, it may be helpful to consolidate them in order to get a fixed rate.

On a Direct Consolidation Loan, the rate is based on the weighted average of all your combined loans, rounded up to the next highest 1/8th of a percent.

Your loan rate can never go above 8.25%. There are two quick and easy ways to see the financial ramifications of transferring/consolidating your loans.

You can use this online calculator provided by the Department of Education.

Or you can simply call the Department of Ed at 800-557-7392 and a customer service representative will be able to tell you your new payments — as well as how much extra you will pay in interest charges by consolidating.

Tags: Sallie MaeStafford loans
Previous Post

Should I Put a Consumer Statement in My Credit Report?

Next Post

Are there any legitimate companies that I could work with to sell my timeshare?

Lynnette Khalfani-Cox, The Money Coach

Lynnette Khalfani-Cox, The Money Coach

Lynnette Khalfani-Cox, The Money Coach, is a renowned financial expert, author, speaker, and media personality, empowering people to achieve financial success.

Related Posts

Student loans with cosigner application form and pen.

Is Cosigning a Student Loan a Good Idea?

by AskTheMoneyCoach

The cost of higher education continues to rise, and as a result, many students turn to student loans to finance their education. However, not all students can qualify for loans on their own, leading them to seek a co-signer. So if you are considering cosigning a student loan, it's essential...

Adult Student Loans

Simple Reasons To Pay Your Adult Child’s Student Loans

by Lynnette Khalfani-Cox, The Money Coach

If you’re considering paying your adult child’s student loans here are 10 scenarios to consider saying YES, NO or MAYBE to repaying that college debt. 

Question About For-Profit Colleges and Student Loan Forgiveness

by Lynnette Khalfani-Cox, The Money Coach

After I posted 15 answers to Biden’s student loan forgiveness plan,  I received a lot of questions on my social media accounts about student loan forgiveness. I received the following question about the plan's impact on certain for-profit colleges.

Student Loan Forgiveness

Student Loan Forgiveness: The Biden Plan Explained

by Lynnette Khalfani-Cox, The Money Coach

Here's what is known so far about the new student loan cancellation program, how you can get student loan forgiveness, the surprising ways that past and future generations of college students will benefit, and what’s NOT included in the Biden plan.

CARES Act: Student Loan Relief

Get Your Employer to Pay $5,250 of Your Student Loans in 2020: FAQs About the CARES Act

by Lynnette Khalfani-Cox, The Money Coach

I recently posted a student loan tip on social media that went crazy viral! It racked up tons of traditional media coverage, plus many thousands of likes and shares (not to mention comments and questions!) across Twitter, Facebook and Instagram -- far more than any other single post I've shared....

COVID-19 Private Student Loans

COVID-19: Getting Relief From Your Private Student Loans – VIDEO

by Lynnette Khalfani-Cox, The Money Coach

In this video Lynnette shares good news for people who need help paying their private student loans during the COVID-19 pandemic.

Economic Relief Bill

COVID 19: A Good News Surprise in the Coronavirus Economic Relief Bill – VIDEO

by Lynnette Khalfani-Cox, The Money Coach

In this video Lynnette dives deep into the CARES Act and shares a pleasant surprise in the economic relief bill.

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1529 shares
    Share 612 Tweet 382
  • What to Do if Your Spouse Stole Money From You

    1311 shares
    Share 524 Tweet 328
  • What to Do If You Can’t Afford to Leave Your Spouse

    1276 shares
    Share 510 Tweet 319
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1131 shares
    Share 452 Tweet 283
  • What Do All Those Strange Codes In My Credit Report Mean?

    901 shares
    Share 360 Tweet 225
  • Which Credit Report is More Important: Equifax, Experian or TransUnion?

    869 shares
    Share 348 Tweet 217
  • Do This Now If Your Wages Were Not Reported

    855 shares
    Share 342 Tweet 214

Categories

  • Bankruptcy
  • Budgeting
  • Building Wealth
  • Careers
  • Couples and Money
  • Coupons and Deals
  • Covid-19
  • Covid-19 Video
  • Credit Cards
  • Credit Reports
  • Credit Scores
  • Crypto
  • Debt
  • Entrepreneurship
  • Family Finances
  • Featured
  • Identity Theft
  • Insurance
  • Investing
  • Loans
  • Paying for College
  • Personal Finance
  • Press Releases
  • Real Estate
  • Retirement
  • Saving Money
  • Scams
  • Student Loans
  • Taxes
  • Uncategorized

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Book Lynnette
  • Money Coach University™
  • Home
  • Subscribe to Newsletter
  • Submit an Article

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist