I have a Private student loan w/sallie mae, every month the pymnt goes up! Who can help me? pymnts are $700+?
This is about a 15 year loan where sallie mae is telling me i have no control over the interest rate and payment amount. I had to defer the loan for six months because I couldn’t afford it during a career change. I am afraid it will keep me from ever buying a house or being able to live on my own. I’m just looking for anyone in the same position and how i can get out!! Are there any good companies out there who work well with this situation? I owe about $75k on this one private loan.
You always have the option to refinance. Even Sallie Mae generally offers many refinance options through the terms of their loan.
My Sallie Mae loan (which I just paid off last year) probably offered me refinance options 2-3 times a year at least.
If you own real-estate and you have sufficient equity, you may consider sinking your student loan into a second mortgage. I don’t recommend this, but it will spread the repayment out over a larger window of time which will reduce your payment amount.
As far as “getting out of it” you really can’t. Student loans are immune from Bankruptcy protection, as well as consumer credit counseling services. If you owe $75k to Sallie Mae, the only way out of that is to pay it off or be deceased.
