Sallie Mae Unveils New Private Consolidation Loan

Sallie Mae, the nation’s leading provider of education funding, today introduced a new Private Consolidation Loan, which allows holders of private education loans — either from Sallie Mae or another lender — to manage repayment by combining their eligible loans into a new loan with a single monthly payment, a potentially lower monthly payment amount and an extended repayment term. The addition of the Private Consolidation Loan product brings another debt management tool to Sallie Mae’s portfolio of repayment options. The company is the nation’s largest consolidator of federal education loans, with more than $19 billion consolidated in the last federal fiscal year.

“We are committed to providing comprehensive repayment and debt management solutions to our customers who want to simplify the repayment process and make loan payments more manageable,” said Paul Garrard, director of private credit consolidation, Sallie Mae. “We are pleased to provide our customers with another option that may help them better manage the investment in their education. Our user-friendly Web site and dedicated Call Center staff provide customers a great way to determine if private loan consolidation is right for them.”