I've been looking into the possibility of borrowing a private Tuition Answer loan from Sallie Mae. The interest is pretty high, but it is my only option to have living expenses so I can make it through nursing school (my federal loans just cover tuition/books). I need help understanding these little other fees they mention ...like supplemental (i believe that's what it said) at 3% and origination. Does anyone have advice for me, about this type or similar type, of loan and little add ons I need to be aware of the could get costly?
2006-08-04 12:07:35 · 4 answers · asked by Melissa E 1 in Politics & Government ➔ Politics
I know this isn't exactly a political question, but I figured there would be some educated people in here who might know. Couldn't get a response in financial aid...
2006-08-04 16:57:50 · update #1
I know they have a lot of little fees, but they are a signature loan. What that means is that you may have to have a co-signer, and if you do, and you don't pay, they will be responsible for the money.
My sister in law has a loan from them for school, and she seems to choose to spend her money on other things than paying her monthly loan payments ($54.39 per month). So when she doesn't pay, we get the phone call, and they go after my husband for the money because he co-signed for the loan. He has no way of getting off the loan, and they are threatening to sue him for the money because she is so far behind they are calling in the loan - they want over $2,000 paid in full or they will go to court.
I know that they are very good at getting money to just about anyone, but they had better pay it back, for they have the law on their side (as well as the government). Read everything carefully, and make sure that you take it to someone at your bank to go over with you. They should be able to answer your questions.
2006-08-04 12:25:39 · answer #1 · answered by volleyballchick (cowards block) 7 · 1⤊ 0⤋
It could be rather costly doing the loan with Sallie Mae. Not too long ago they were fined for their practices on their rates and fees. For more information I would try www.bankrate.com make sure you click the "finance college" tab for the information you are looking for.
2006-08-04 12:15:10 · answer #2 · answered by styymy_2000 4 · 0⤊ 0⤋
If you have more than one loan from them, consolidate to save on your monthly payments and decrease the amount you are charged for interest.
2006-08-04 12:13:45 · answer #3 · answered by Mariposa 7 · 0⤊ 0⤋
This is not a political question. If you want financial advice go to financial section.
Also try source for contact info.
2006-08-04 14:26:48 · answer #4 · answered by SPLATT 7 · 0⤊ 0⤋