I currently have $73,000 in student loan debt from undergrad/grad through Sallie Mae. The interest rate is 9%, and my montly payments are outrageous. After the capitolized interest, I will be paying close to $140,000 after 12 years. My great grandchildren will be paying this debt long after I am gone. What is the best way to consolidate this debt and get a lower interest rate and better monthly payments. I am living in hell right now. Any advice would be greatly appreciated. Thank you.
2006-11-20 06:20:20 · 3 answers · asked by Sophia H 2 in Education & Reference ➔ Financial Aid
You have the wrong lender. Sallie Mae will hunt you down like a dog for their money. They will call your house 8 to 15 times a day for as long as you owe them. If you want to transfer to another lender, the new lender does not want to deal with Sallie Mae because they do not allow you to leave them and they have the rights by law. Spread the word their are a very bad lender and you will have no rights in court if you want to sue them. Sallie Mae is well protected by the big dogs. My advise to anyone reading this is to avoid Sallie Mae loans. Make sure the next lender does not affiliate with Sallie Mae. I know many people who are trapped by Sallie Mae.
2006-11-22 04:22:56 · answer #1 · answered by DW 1 · 1⤊ 0⤋
I agree with the previous post - Sallie Mae. My husband and I consolidated our student loans with Sallie Mae back in 1994 and have had no problems thus far. We got a fixed interest rate - I believe this option is still available and it's what I would recommend. Good luck!
2016-05-21 23:59:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
God, that just makes me sad. It's a sin that they don't educate people on what they're about to sign before having them sign it. I'm so sorry that you're stuck like that.
I know there are options offered by Sallie Mae for forgiveness and such, but I would concider it a long shot. Other than that, you'd have to search for a financial institution that is willing to assume the loan and charge you a smaller interest rate for it.
I don't even know if that's possible. I asked my credit union to consolidate my wife's loans once, and the rate they offered was actually higher.
Sorry, I don't know what else to say, but good luck.
2013-10-31 13:45:52 · answer #3 · answered by Timmaay 2 · 0⤊ 0⤋