I need information how to get rid of a Sally May government loan?

Question

My grandson got a Sally May Goverment loan about 1 1/2 or 2 yrs. ago to go to calarney arts school in Vegas were he lives. Unfortunately he some how didn't see (?) how much interest it was. Some were around 25%. He is paying around $550. a month. And from what little I know about interest rates he'll be paying all his life. He has a job in calarney arts but that is a hugh amount of interest to be paying . He will not be able to do much of anything paying that much. Does any one have suggestions on how to get another loan to get it payed off in a certain amount of time? A real loan, with good interest rates, not a rip off like this one. My daughter said there was a show on Date line or one of them type of show's and they were saying how it is ruining people's lifes. I can co sign for him but being he has good credit and a good job that he been at for a while he may not need a co signer. Any help at all would be greatly appreacheated.

Answer 1

This must have not been a government loan. Those are some ridiculous rates! I would check with the school like the other answers said for lenders. If not, take out a low interest loan to pay that one off in full right away. Then you will be paying lower rates on the new loan. It will be paid off quicker because the payments will be actually going to the loan itself and not the interest. Good luck!

Answer 2

There are many reputable student lending companies. Contact the college where your grandson attended and ask who their preferred lenders are. Then see about having the loan paid off by the new lender.

You could even go to your local bank or credit union and secure a loan to pay off the student loan.

Good luck!

Answer 3

Check with your local credit unions. They usually have decent loan rates. If he has good credit, and make a decent amount of money, he should be able to get another loan no problem.