9 months ago I took out a loan from sallie mae for 10,000. Recently my husband called them to find out the balance on the loan because (grrrrrrr) they dont put the balance on the statements. We came to find out that they tackled another $800 for insurance!! My balance is now 11,416!! None of the 280 bucks we have been paying on it has even taken care of part of the loan!! Does anyone know of a different company that I could switch my outrgaeous loan to with a decent interest rate? Your help is appreciated!
2006-11-30 03:42:28 · 7 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
sorry. i never had any problems with Sallie Mae. i had school loans with them and they were always helpful and cooperative. i paid them off and that was the end of that. but you could get a consolidation loan with your bank or credit union.
2006-11-30 03:50:39 · answer #1 · answered by KJC 7 · 0⤊ 0⤋
wait... Did you use something for security on the loan, like a car title or take out a second mortgage? if you did and didn't carry enough insurance to cover the loan, then the lender can legally supply insurance to cover the loan and charge you the premium. The only way you can get them to take it off is to get your own insurance increased to cover the loan.
If you purchased life insurance or disability insurance as part of the loan, you can cancel it, and they will have to pro-rate the premium and you should get the balance reduced some.
I don't know which type of insurance they are charging you for, but chances are you signed for it. Read your loan papers over very carefully and see what you're paying for.
I used to work for American General Finance. I saw a lot of things, but what they're doing is probably legal. Try American General
2006-11-30 03:48:03 · answer #2 · answered by Kat H 6 · 1⤊ 0⤋
There are lots of school loan consolidation companies out there:
http://consolidateloannow.com
Sorry about your situation, but all of these companies have fees, etc that they tack on. What you want to do is set up your loan so you have the lowest interest possible. Follow the instructions here
http://consolidateloannow.com/archives/6
and here
http://consolidateloannow.com/archives/8
and be sure to ask BEFORE YOU CLOSE THE DEAL what their fees are. Any of the loan consolidators on that site should work (and all will have better rates than sallie mae, by the way).
2006-11-30 03:51:48 · answer #3 · answered by flyhi 1 · 0⤊ 0⤋
Go to your bank and get a consolidation loan or a personal loan. Check the APR of the loans.
2006-11-30 03:44:22 · answer #4 · answered by cathy_cmr 3 · 0⤊ 0⤋
check the yellow pages for LOAN CONSOLIDATION, they can help you make lower payments with lower interest rates. shop around, don;t pick the first one you come upon, GOOD LUCK
2006-11-30 03:46:56 · answer #5 · answered by davionmw 4 · 0⤊ 0⤋
Citibank or Wells Fargo.
2006-11-30 03:44:50 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I know those idiots. they almost ruined me. Im STILL paying off a college loan from 4 yrs ago no thanks to them.
I only know of college loan comanies, sorry :(
2006-11-30 03:44:33 · answer #7 · answered by Anonymous · 1⤊ 0⤋