OVU Alumni Association Partners with Sallie Mae to Offer Student Loan Consolidation Benefits

A SMART LOAN Consolidation Account enables OVU alumni to consolidate all of their eligible federal loan debt (e.g., Stafford, PLUS, and Perkins).  This debt-management program can reduce the borrower’s initial monthly payments by as much as 50%.  Ohio Valley University borrowers will gain access to expert consolidation counseling via a toll-free telephone number, and an array of web-based services, including an online application and electronic signature.

A SMART Advantage Account allows Sallie Mae Stafford and PLUS borrowers to place their Sallie Mae loans in a non-consolidated account and consolidate loans that Sallie Mae does not currently own, subject to federal rules governing lender eligibility.  Borrowers receive payment relief through a longer repayment term and maintain eligibility for Sallie Mae’s borrower benefits, which will reduce the total cost of their indebtedness.

Additional benefits include DIRECT PAY, a ¼ percentage point interest rate reduction for making payments electronically via Sallie Mae’s automatic debit service.  With the SMART Loan Consolidation Account Benefit, borrowers will earn a one percentage point interest rate reduction if they make their first 36 monthly payments as initially scheduled.

In addition to these federal student loan consolidation programs and benefits, Sallie Mae also offers OVU alumni the opportunity to consolidate their private loans.  The program offers borrowers the convenience of one monthly payment for all their private loans, plus the opportunity to possibly reduce their monthly payments through extended repayment terms.