Citibank is required to hold the interest rate agreed with Sallie Mae 10 years ago?
My husband was about $ 15,000 in student loans when we got married. We have consolidated two loans totaling $ 15,000. We have established a 10-year plan for repayment in 2000. We to pay $ 86.02 for 2 years and then went to $ 87.02 for 2 years and 6 years, he went to $ 154.00 per month and would be paid for in 10. After the first 2 years without delay the interest rate range from 4.5% to 3.5%. At some point during the first 5 years the loan was sold to Citibank and the interest rate rose to 6.5% and the balance has been redistributed. Should not the year 10 repayemnt agreement we made with Sallie Mae being honored? We should have paid the loan and we still have $ 9,700. My husband lost his job for 2009 and we are just to keep their heads above water. We have not missed any payments with one of our invoices. We kept our agreement with all our creditors, why have not they keep theirs? HELP ….
I bet if you actually read your loan contract they can do … Student Loans many variable rate … and you said you consolidated … which makes the agreement void old anyway. Did you get writing that the rate would go down? Missed payments?
