Consolidating student loans through federal government
First, a student can elect for graduated repayment, which is a loan that has lower monthly payments initially, which increase gradually over a 10-year period.
Students can opt for an income-based repayment plan.
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.
This plan extends the life of the loan to 25 years, with monthly payments based on a low fixed or graduated repayment amount.A loan can only be in forbearance for up to 12 months.By consolidating multiple loans, a person is often able to get a better interest rate.Unfortunately, Sallie Mae no longer offers private loan consolidation.Students can still consolidate their Sallie Mae and other private loans through a private financial institution.