Sallie Mae Student Loan, Question...

[amy83181]

Hi,

I have a Sallie Mae PRIVATE student loan. It is currently in forbarence now. I was wondering if there was any way i can lock on a LOW interest rate. Right now its 8% and it can go up and down. My Citibank federal student loans were consolidated and i locked in a 3.25% interest rate which is great. Is there any way i can consolidate all of them or anything to lower Sallie Mae's interest rate? Thank for your help!

[amy83181]

Bump... :roll:

[francis]

I dont think I have a private Sallie Mae loan, but I consolidated my Sallie Mae loans about a year ago. I combined 6 different loans and got the interest rate to down to 4.75%. You can also lower the rate by .25% just by paying through automatic deduction. You just have to call and ask about it. After you consolidate they will lower your monthly payment quite a bit which of course makes the life of your loan much longer, so beware!

[TX_Aggie_07]

I dont think I have a private Sallie Mae loan, but I consolidated my Sallie Mae loans about a year ago. I combined 6 different loans and got the interest rate to down to 4.75%. You can also lower the rate by .25% just by paying through automatic deduction. You just have to call and ask about it. After you consolidate they will lower your monthly payment quite a bit which of course makes the life of your loan much longer, so beware!

 

This is a good point, but at the current rates you get for interest, a long loan is not really a bad thing. It will likely be the least expensive debt load you will ever carry.

[fla-tan]

Hi,

I have a Sallie Mae PRIVATE student loan. It is currently in forbarence now. I was wondering if there was any way i can lock on a LOW interest rate. Right now its 8% and it can go up and down. My Citibank federal student loans were consolidated and i locked in a 3.25% interest rate which is great. Is there any way i can consolidate all of them or anything to lower Sallie Mae's interest rate? Thank for your help!

 

Private Student Loans are not subject to the same regulations that Federally Guranteed Student Loans. Any consolidation will be credit based and will most likely be variable.

 

 

fla-tan