In my very unfortunate situation where I may have really run out of possible co-signers, SallieMae has offered me a loan but the interest rate is rather high. I just want to know if I do accept this loan, how can I deal with it later? Would it be making interest-only payments, or possibly some way to consolidate it w/ another loan early-on or what.
The sad thing is that all I need is < $5k.
2006-10-09 11:17:05 · 4 answers · asked by Mechalani 1 in Education & Reference ➔ Financial Aid
You can consolidate with other loans with lower rates to bring the interest rate on this one down but it may bring the interest rates on your others slightly up as well. You can apply for income contingent payments at pay back time to keep payments down, or apply for a forbearance until you have a steady job. Best bet is to save as much as possible once you do start working and pay it off as quickly as possible to avoid the interest charges.
2006-10-10 07:45:58 · answer #1 · answered by nativeAZ 5 · 1⤊ 0⤋
Have you tried calling other lenders to see if this really is your best option? Student Aid Lending is a really good service- I recommend giving them a call to see if this really is your only option.
1-800-964-0642. They're the ones that I go through and they have AWESOME customer service skills.
If that's the only thing you can do, keep discussion going on loan consolidation- talk to your lender about that because sometimes they can get you discounts or better payment options.
I have a blog about student loans you may want to check out.
I put the link in the source list.
Check it out- some of my articles may be able to help answer some more of your questions :)
Also, if you want to send me some of you info I can look up that information for you and let you know what's available to you. You can e-mail me if you want at ToryforPresident@yahoo.com
-Tory
2006-10-10 12:07:25 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It's got to be cheaper than credit card rates...just take the loan, finish school and pay it off later with our job. You could always get a part time job just to pay it off quickly once you're out of school.
2006-10-10 01:01:06 · answer #3 · answered by ravenwood4455 3 · 0⤊ 0⤋
emigrate
2006-10-09 18:19:14 · answer #4 · answered by Dava 4 · 1⤊ 0⤋