Direct Loans Transferred To Sallie Mae?

Q: I currently have a student loan of approx $18,100, and a student loan of $2,200 with Direct loans. I desperately want to leave Sallie Mae!! How do I go about transferring a loan, or anything like that?! It isn't that i cant make my payments with them,

A: Direct loans only processes Stafford Loans, therefore you CANNOT combine your Sallie Mae loans with Direct loans unless you also have stafford loans Sallie Mae. If your Loans with Sallie Mae are Stafford loans then you can consolidate those with your

Sallie Mae is the largest student loan company. We look at a 60 Minutes report on Sallie Mae and how Sallie Mae, with the help of government ...

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SLM's CEO Discusses Q4 2011 Results - Earnings Call Transcript

SLM ( SLM ) Q4 2011 Earnings Call January 19, 2012 8:00 AM ET

Operator

Good morning. My name is Nicole, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sallie Mae Fourth Quarter 2011 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Steve McGarry, Senior Vice President, Investor Relations. Sir, you may begin your conference.

Steven J. McGarry

Thank you, Nicole. Good morning, everybody. Thank you for joining us for our fourth quarter and full year earnings call. With me today are Al Lord, our Chief Executive Officer; Jack Remondi, President and COO; and Jon Clark, our CFO. After their prepared remarks, we will open up the call for questions.

But before we begin, please keep in mind that our discussion will contain predictions, expectations and forward-looking statements. Actual results in the future may be materially different from those discussed here, and this could be due to a variety of factors. Listeners should refer to the discussion of those factors on the company's Form 10-K and other filings with the SEC.

Does it make sense to transfer my Sallie Mae loans? | Ask The ...

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 (http://www.dl.ed.gov), 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.