Sallie Mae

Discussion in 'General Education' started by JRafko, Jun 11, 2013.

  1. JRafko

    JRafko Rookie

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    Jun 11, 2013

    First of all, she is a B****. Secondly, I am starting to wonder how I will ever be able to afford to repay my private loans. I not only have private loans, but also federal. My federal loans will be lowered because I will enroll in the Income based repayment. My Sallie Mae loans are going to be about $500 a month. This is ridiculous and I asked them to extend my payment plan by ten years(Hell even five would help out) but because of implications, I cannot extend my loan and I am locked into paying whatever amount they deem appropriate. My big first year teacher salary is coming in at a whopping 34K and with federal loans I am assuming that I will be repaying about $100-$150 on those loans per month.

    Any advice other than get a second job?
     
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  3. giraffe326

    giraffe326 Virtuoso

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    Jun 11, 2013

    No advice. My high school advisor told me not to get a Sallie Mae loan under any circumstance. I listened. My step brother did not. He will be receiving pretty big monthly bills next year as well. My mom and I often talk about how he will never be able to afford it.

    I hope you can find a solution.
     
  4. Mr.history

    Mr.history Cohort

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    Jun 11, 2013

    That really sucks.
    If you only have a bachelors you could go for a masters to defer the payment. I realize this is only delaying the inevitable but its all I could come up with.

    Sorry. :(
     
  5. MikeTeachesMath

    MikeTeachesMath Devotee

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    Jun 11, 2013

    Long story short, I had to take out a Sallie Mae loan in the middle of this past semester. It was the only option I had at the time, and I sure as hell won't be going back to them. I feel your pain.
     
  6. teachinnola

    teachinnola Rookie

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    Jun 11, 2013

    My advice for this is to cut down on your expenses (move back home, find a roommate, see if you can live without a car, etc). The second thing I would do is go to your bank and see if you can get a loan with longer terms, a shorter interest rate, etc. This is what I did with my Sallie Mae loan (granted, mine was only $2800) and was able to effectively lower the interest rate and get a longer term.
     
  7. teacherman1

    teacherman1 Devotee

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    Jun 12, 2013

    As a parent of four college graduates with Sallie Mae loans, I agree... She's a heartless, blood-sucking B****. If one of my kids misses a payment by even a few days my wife and I start to get calls (we are the co-signers) and the amounts, as well as their payment history, affect our credit rating.

    Avoid the Sallie Mae loans if you possibly can...

    Steve
     
  8. JRafko

    JRafko Rookie

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    Jun 12, 2013

    Well ****, it was the only option for me because my parents could not help me. This is disappointing and sad. my brother had his payments reduced but he had Sallie Mae before they branched off of federal loans. I am talking with my aunt who works in a credit union to see what we can do. My brother said call and continue to speak with the same person day after day and annoy them until they fix the issue.
     
  9. BioAngel

    BioAngel Science Teacher - Grades 3-6

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    Jun 12, 2013

    See if you can get a bank loan that will help you pay off Sallie Mae and offer you less interest. How did you not know what the amounts would be prior to signing up for the loan?
     
  10. JRafko

    JRafko Rookie

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    Jun 16, 2013

    When signing the loans I did know of the the percentage, but I did not know they were going to have me pay it off at $500 a month. This was the ONLY option if I were to go through college so it had to be done.
     
  11. pwhatley

    pwhatley Maven

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    Jun 16, 2013

    I don't know about where you are, but in some areas of the country, if you teach in a Title I school for 5 years, $5000 will be knocked off your loan. I have to check it out for myself, because I just completed my 5th year.
     
  12. giraffe326

    giraffe326 Virtuoso

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    Jun 16, 2013

    I'm pretty sure only federal loans qualify.
     
  13. Pencil Monkey

    Pencil Monkey Devotee

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    Jun 17, 2013

    start making payments before you graduate if you can. It will reduce your principle and thus your future payments. I know it is tough.
     

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