This is often the reason that people cite when they say you shouldn’t combine federal and private loans.
But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.
Students can still consolidate their Sallie Mae and other private loans through a private financial institution.
In that case, the consolidated loan and resulting payment plan are managed by that institution.
Students can opt for an income-based repayment plan.
This plan caps monthly payments at a discretionary income level of 10% or 15% (depending if your loan originated before or after July 2014).
A student who has an outstanding loan balance of more than ,000 is eligible for an extended repayment plan.
For example, under the Public Service Loan Forgiveness Program (PSLFP), your Direct Loan balance may be eligible for forgiveness after 120 payments if you’ve worked in the public sector that entire time.
Similarly, the Teacher Loan Forgiveness Program is available for teachers who work in schools that serve low-income families full-time for five consecutive years.
Sallie Mae (Student Loan Marketing Association) loans issued by SLM Corporation (SLM) similar to other private loans, cannot be forgiven.
As of 2017, there is no option for private student loan forgiveness, but there are options for public student loan forgiveness.
Public loans administered through Sallie Mae be consolidated with other student federal loans.