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Consolidating sallie mae loans with another sallie mae person

The increase in use of private student loans came about around 2001 once the increase in the cost of education began to exceed the increase in the amount of federal student aid available.

But this statistic is misleading, because a lot of borrowers think this means qualifying for some type of student loan forgiveness program. Actually, most borrowers qualify for student loan forgiveness through one of these “secret” ways. Whether you’re just starting out on your college journey or dealing with student loans from years ago, here is a glossary of helpful terms you may need to know: Accredited: If your college and program is accredited, it means that it has met specific requirements by the U. Administrative Wage Garnishment: If your federal student loans go into default, the federal government has the ability to take up to 15% of your disposable income directly from your employer. You’ll have to attend an accredited school to get federal loans or use any federal aid.Because there are so many private loan options, it is important for students to make sure they shop around for the best private student loans for their situation.There is more than $10 billion in private student loans generated each year.This article contains references to products from one or more of our advertisers.

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If you do not have established credit, as is the case with many new borrowers and college-aged students, it can be difficult to secure a loan.

Having no credit is better than having bad credit, but only by a slight margin.

You can sign up for these programs for free at Student

If you want help, we recommend Ameritech Financial, a company I’ve personally vetted.

When a student does not meet the requirements for federally funded student loans, he or she can apply for private student loans.