This is about a 15 year loan where sallie mae is telling me i have no control over the interest rate and payment amount. I had to defer the loan for six months because I couldn't afford it during a career change. I am afraid it will keep me from ever buying a house or being able to live on my own. I'm just looking for anyone in the same position and how i can get out!! Are there any good companies out there who work well with this situation? I owe about $75k on this one private loan.
2007-01-04 02:07:20 · 6 answers · asked by kelly s 1 in Education & Reference ➔ Financial Aid
You always have the option to refinance. Even Sallie Mae generally offers many refinance options through the terms of their loan.
My Sallie Mae loan (which I just paid off last year) probably offered me refinance options 2-3 times a year at least.
If you own real-estate and you have sufficient equity, you may consider sinking your student loan into a second mortgage. I don't recommend this, but it will spread the repayment out over a larger window of time which will reduce your payment amount.
As far as "getting out of it" you really can't. Student loans are immune from Bankruptcy protection, as well as consumer credit counseling services. If you owe $75k to Sallie Mae, the only way out of that is to pay it off or be deceased.
2007-01-04 02:17:15 · answer #1 · answered by JSpielfogel 3 · 0⤊ 0⤋
I have sallie mae. I have a fixed rate signed on my graduation. they consolidated other non-private loans and gave me a considerably low but consistent repayment plan over the next some odd years. It doesn't change, I have payment booklets. I've had to defer my loans several times due to economic hardship, etc. I arranged my deal through my institution on graduation, I don't see how its possible that they are not willing to cooperate with you to reach a deal, if they're screwing you i would look into getting the legal system involved, but I've never encountered a problem with sallie mae.
2007-01-04 02:20:37 · answer #2 · answered by steveo 1 · 0⤊ 0⤋
Sallie Mae Is a total RIP OFF, They charge outrageous fees, my advice get out of it as soon as possible and never get a loan from them again. My school practically begged me to get Sallie Mae and I found out there interest rate was 29.4% I don't think so.
Good luck, but please know what your getting into before you sign on the dotted line.
2007-01-04 16:13:49 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Call Sallie Mae and ask them what your options are. They will work with you.
2007-01-04 02:26:37 · answer #4 · answered by sno 3 · 0⤊ 0⤋
You should check out Citibank, their rates don't fluctuate during the whole time you have a loan.
2007-01-04 02:10:43 · answer #5 · answered by wrtrchk 5 · 0⤊ 0⤋
call them and ask what's up.. If you have any chance to pay it off you need to understand exactly what it is that you're paying.. what's the interest rate? Mine (which i paif yesterday...) was 6.25% or so.... sometimes theyt raise it if you make late payments...
2007-01-04 02:09:50 · answer #6 · answered by tomi27410 4 · 0⤊ 0⤋