Sallie mae - applying for lower payment?
Posted 10 May 2012 - 10:25 AM
Also, do they require you to submit proof of income?
This sallie mae payment is an issue with my DTI and ability to purchase a home at the moment.. oh well.
Posted 10 May 2012 - 11:13 AM
We did it because we are agressively paying down our mortgage. There's 16 years left on it and we are on a budget to pay it down in 32 more payments. To do that though we have to go with a lower Salle Mae payment. The total of our loans is 10k. That may be puny to some, but it's not to us.
Yes, they will definitely want proof of income AND your SIGNED tax return. We filed our taxes electronically and so we printed out the return and signed it before mailing it to Sallie Mae through Priority Mail.
We filled out the required paperwork and sent it in, with the tax return, and paystubs, and then called in 10 days later to touch base with them, and they said we didn't fill out ALL the paper work, there was one more document, even though we sent what the rep on the phone told us to fill out and send...After we filled that out and sent it and called 2 weeks later the rep said now you need to send your tax return and pay stubs. I said we already did that! They put me on hold and came back on and said oh, ok, I see that now.
Then the next day we get emailed denial letters because we didn't sign our tax return which we did! Uuuugh it was maddening. I called them, and they said just a minute, put me on hold, came back on and said oh, you DID sign it, whoever looked at it didn't see that you signed it.
Then about 5 days later we were emailed approval letters. The new payments dropped our payment dramatically. Which is nice, plus the interest is paid for, for 3 years, and as soon as we pay off the house, we will pay off the student loan the following year. Hopefully, life won't get in the way of our plans.
Good luck, just know that they will want paystubs and your signed tax returns. They want you to go through their website. There's a link at the top that says "lower my payment" or something and you will fill out that questionnaire and go from there.
Posted 11 May 2012 - 06:09 PM
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