Consolidating loans through sallie mae
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.
This plan extends the life of the loan to 25 years, with monthly payments based on a low fixed or graduated repayment amount.
Also, some lenders allow for unemployment protection that puts payments on pause if a person loses his or her job.
But before you dismiss the idea of refinancing, you should first take a look to see if any of these benefits apply to you.
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.
By using this option, a person is able to temporarily pause loan payments without facing delinquency.