What are my options for Sallie Mae private signature loan repayment?
August 27, 2011 by sigmi
Filed under Signature loans
I will begin repayment soon but my payments are 920 per month and I can’t afford that. Are there any programs based on income for private loan repayment? I’m willing to volunteer or do whatever I can to help. I’m already working 2 jobs….
How/where do I find how much I owe and to whom? I dont really know how much I owe in private vs federal loans
Is there a financial counselor that I could sit down with that specializes in this? Any website directories would help.
I know I borrowed alot. Please keep your comments on that to yourself. Only answer if youre going to help. Thanks.
Go here: http://www.nslds.ed.gov/nslds_SA/
This will tell you what you owe and to whom you owe it. It should give you contact information.
You want to ask them what repayment options you have. There are income based repayment programs and you’ll want to see if you meet the criteria.
Don’t wait until after you’re in repayment to find this out. Once it starts they are less willing to negotiate with you.
Hope this helps.
I’m sorry Sallie Mae wants so much money from you each month.
First, I would see if they’d allow you to apply for an unemployment deferment. Even though you are employed $920 per month is outrageous.
If that fails you can see if they will allow you a forbearance. Loan companies are supposedly to give a year of forbearance for free. Sallie Mae does whatever it wants & as a result demands you pay $50 for every loan you want a forbearance for.
If they accept you forbearance request you can then pay whatever you can on the loans, try to make it a worthwhile amount as interest still accumulates during this period.
The only job that I know of where Sallie Mae gives special consideration is the medical field. So unless you become a nurse they don’t really offer much based on your job.
I do suggest you go to the Sallie Mae website & create a login/password. It will show you everything about your loans through them.