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I graduated January, 2005, with roughly $44,000 in student loans. During my six month grace period I thought I consolidated all of my loans through Sallie Mae. In reality, as I later came to realize, I had only consolidated two and now have 7 loans generating interest through Sallie Mae, and only the two that were consolidated from another loaner are locked in at a decent interest rate (2.95 %). The other five have rates from 7.75% to 9.25%, and with my current plan I'll end up paying over $70,000 thanks to interest before I'm done. Now, here's the problem. Initially I handled this with the "fine I'll just pay for the rest of my life, who needs disposable income anyway" mindset, then Sallie Mae tried to raise my payments to over $600 a month. This kicked me into action, and I resolved that to a more reasonable (based on my salary) $315 per month (still no disposable income though). Doing so was extremely difficult, as it seems that Sallie Mae has outsourced her help lines and most of the people I delt with seemed to be working from a manual rather then having any sort of real understanding of student loans(they also denied they had sent me letters raising my payments...). So, at this point, here are the actual questions: Is there anything I can do about the loans with the higher interest rates to lock them in, reduce the rates? Is there anyway I can transfer the loans from Sallie Mae to a diferent lender with better customer service for a financial idiot like myself? What would you do if you were me in general (aside from smack yourself in the head a lot)? Secret Message for the Kids! If your parents want you to take out loans for college, don't just blindly sign whatever they put in front of you, figure out as much as you can about what's going on! My mother to this day refuses to believe that I have this much college debt and insists that she contributed much more to my education. Rain Brain fucked around with this message at 20:47 on Dec 29, 2006 |
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Dec 29, 2006 20:44
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| # ¿ Apr 28, 2024 12:54 |
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