Consolidating studen loans
It is designed to give borrowers a break who are struggling with their private student loans.
The exciting part of this program is that it applies to student loans.
For one, state investment in higher education dwindled and colleges made up the difference by raising tuition.
At the same time, financial aid hasn’t kept up with tuition growth.
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That’s because a small debt may be a sign that the borrower didn’t complete school or obtained a low-level degree that’s relatively meaningless in the job market.
Borrowers with high levels of debt are more likely to have taken on loans to attend graduate school that will pay off in the labor market, allowing them to earn enough to pay off their loans.
However, to the credit of Sallie Mae/Navient, one of the great programs created at Sallie Mae remains alive and well with Navient.
The program is called the “Rate Reduction Program”.