At Congressional Federal we understand managing your student loans is not your top priority.That is why we want you to focus on your career and not your education loans.For federal loan consolidation, the government allows multiple federal student loans to be combined into a single loan, lowering monthly payments.
The law was passed after a handful of doctors and lawyers fraudulently filed to avoid repayment of their student loans.
Instead of applying the existing bankruptcy laws to a handful of people trying to scam the student loan system (less than one percent of all loan holders), the Bankruptcy Reform Act took a hammer to them and set a precedent that eventually turned student loans into a protected financial product; protected for the benefit of Sallie Mae.
First, a student can elect for graduated repayment, which is a loan that has lower monthly payments initially, and then increases its monthly payments over a 10-year period.
Refinancing a Sallie Mae student loan cuts down on your monthly loan payments.
Sallie Mae used to allow student-borrowers to apply for the consolidation of federal loans directly, but this is no longer the case.