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Landyn is my world <3 asked:
My fiance currently has student loans through Sallie Mae and they are a big RIP OFF!! Is there a PRIVATE loan consolidation program that anyone knows of? We can’t afford to pay $500 a month just in loans!
Sphere: Related ContentMy fiance currently has student loans through Sallie Mae and they are a big RIP OFF!! Is there a PRIVATE loan consolidation program that anyone knows of? We can’t afford to pay $500 a month just in loans!
Tags: Consolidation Program, Fiance, Private Loan Consolidation, Private Student Loan Consolidation, Sallie Mae, Student Loan Consolidation, Student Loans
August 2nd, 2008 at 12:21 pm
Go to daveramsey.com
You really don’t want to do debt CONsolidation.
August 2nd, 2008 at 8:46 pm
If you are going to consolidate use a FEDERAL consolidation program, try Direct Loans. Private loan consolidators can get you into a world of trouble. Another thing to realize that when you consolidate you reset your payment history, just in case you are planning on applying for any other type of credit.
That one bit me in the arse when we went to get pre-approved for a mortgage.
August 5th, 2008 at 2:01 am
I hate them I hate them….. big time. Call them up and see if you can make smaller payments for a longer period of time. It might help you out, then cut mine down to 150 a month. Also go on fast web.com and apply for grants and scholarships. That might help. Good luck with sallie mae. They are tough but tell them that you can’t do it. They might even cut it down to 300, but it’s much better. Good Luck
August 7th, 2008 at 9:49 pm
To be quite honest, you may have a very hard time finding a private loan consolidation that is available that will not end up costing you more money in the long run. Your very best bet is to pay off your private loans with the Evil Empire as soon as you can.
This means making some sacrifices and maybe living without some things you would normally have to pay off your loans. Or getting a second job to help bring in more money to pay them off. Another strategy is to lower your federal loans monthly payment by requesting a repayment option other than “Standard” if you have not already done so. Or you can apply for deferment/forbearance on federal loans for a period of time and use that money you would be paying your federal loans with to get ahead on the private loans.
Private loans can really bleed you dry when you leave college and go into repayment. Unfortunately there are not a lot of options to help like the federal loan program. If you do end up finding a private consolidation program please do yourself a favor and read all the FINE PRINT and understand what they are going to charge you. If you are not financially savvy, find a friend or family member who is and have them review the program with you.
Sometimes the devil you know is the least of the big evils.
Good luck.
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