Re: Student loans: could use advice from people who went to private schools

Posted by StayForever

I agree with everyone else. Consolidate through Sallie Mae.

Re: Student loans: could use advice from people who went to private schools

Try to consolidate. If you pay them over 30 years the payment will be low. When you have extra money you can prepay.

Re: Student loans: could use advice from people who went to private schools

I left my college with a degree, and then went back another year for a Masters. Left with huge school loans. WOuldn't change a thing, and at this point in life, I am a SAHM. But I will always have my degrees and will eventually go back to work, I think.

I consolidated them all through Sallie Mae and took 13 years to pay them off instead of 10 years. I ended paying a little more because of the 3-year extension, but it was worth it to me.

Re: Student loans: could use advice from people who went to private schools

The majority about (90%) of my loans are through the government. I have 3 small private loans, but the balances and payments are very do-able.

I will contact Sallie Mae and Direct Loan and see what type of advice they can give me. I have not heard that Sallie Mae wasn't consolidating government loans before, so that's news to me...I'll ask them though. Worse they can say is "no" right?

There are other companies out there that still do consolidate them (I was getting info on them all the time while I was in school, but had planned to go w/ Sallie Mae if I decided to consolidate). If I can't consolidate through Sallie Mae, I will research rates w/ other companies as well. Obviously after making sure that it won't be a nightmare to do so.

I'm an SLP, so not in a "service" field like another poster had inquired. The only thing that I do have going for my field that if you do early intervention you can get them forgiven too. I have a hospital job, and while EI is part of it, I believe you have to be clocking in FT hours to get the benefit.

Honestly, if companies begin ceasing consolidation of government loans then they will really be screwing over students. The cost of an education is ridiculous as is...no one will be able to afford college. You need at least an associates degree to get a job as a garbage man! It's not like higher education is a luxury any more.

Re: Student loans: could use advice from people who went to private schools

Sallie Mae loans cannot be consolidated, they are private loands, and unfortunately have the highest interst over federal loans.

I consolidated right after I graduted, and still had the SM loan separate and paid that off as fast as possible (I hate Sallie Mae!)

When I consolidated I took the 20 year plan and they figured out if I paid $50 extra toward each month I would shave 7 years from the 20!!!

Then about a year later, something else happened (can't remember what) and my payments went even lower.

I know with many companies, if you make a certain # of consecutive payments, and have it deducted from your bank account directly, you get a break on interest.

I am not concerned with paying my loans off in any bulk because my interest is so low (1.5%) that it's not worth it, my money is better spent elsewhere.

I would speak to someone at your lender.....

Re: Student loans: could use advice from people who went to private schools

Posted by Meaghan729

Posted by StayForever

I agree with everyone else. Consolidate through Sallie Mae.

Sallie Mae is no longer doing loan consolidations!

Re: Student loans: could use advice from people who went to private schools

Posted by StayForever

Posted by Meaghan729

Posted by StayForever

I agree with everyone else. Consolidate through Sallie Mae.

Sallie Mae is no longer doing loan consolidations!

Really? I did not know this. I consolidated several years ago. Good to know.

Re: Student loans: could use advice from people who went to private schools

Kara, this is directly from the Sallie Mae website:

Thank you for your interest in Sallie Mae, the nation's leading provider of saving- and paying-for-college programs. We have temporarily suspended offering our private consolidation loan program. No new private consolidation loan requests will be processed at this time.

If you have Sallie Mae loans already, they probably will consolidate.

ETA:

Thank you for your interest in Sallie Mae, the nation’s leading provider of saving- and paying-for-college programs. Severe legislative cuts made by Congress made federal student loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program.

They arent consolidating federal loans either

Message edited 7/16/2008 11:29:25 AM.

Re: Student loans: could use advice from people who went to private schools

Ooooh, I think I mis-communicated

My loans that I have that are currently being serviced by Sallie Mae are not loans through sallie mae. They were government loans I consolidated years ago during undergrad.

I do have 3 private loans that are very small, that if they stayed seperate would not be a big deal at all.

I'm sorry for the mix up.

thanks everone for all the advice

you all are the best! i was panicing about this so much last night

Re: Student loans: could use advice from people who went to private schools

Posted by LittleBlueBug

Ooooh, I think I mis-communicated

My loans that I have that are currently being serviced by Sallie Mae are not loans through sallie mae. They were government loans I consolidated years ago during undergrad.

I do have 3 private loans that are very small, that if they stayed seperate would not be a big deal at all.

I'm sorry for the mix up.

thanks everone for all the advice

you all are the best! i was panicing about this so much last night

Re: Student loans: could use advice from people who went to private schools

Posted by Meaghan729


ETA:

Thank you for your interest in Sallie Mae, the nation’s leading provider of saving- and paying-for-college programs. Severe legislative cuts made by Congress made federal student loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program.

They arent consolidating federal loans either

Re: Student loans: could use advice from people who went to private schools

Posted by Meaghan729

Kara, this is directly from the Sallie Mae website:

Thank you for your interest in Sallie Mae, the nation's leading provider of saving- and paying-for-college programs. We have temporarily suspended offering our private consolidation loan program. No new private consolidation loan requests will be processed at this time.

If you have Sallie Mae loans already, they probably will consolidate.

ETA:

Thank you for your interest in Sallie Mae, the nation’s leading provider of saving- and paying-for-college programs. Severe legislative cuts made by Congress made federal student loan consolidation uneconomical. This, combined with the credit market deterioration, has caused us to suspend participation in the federal consolidation loan program.

They arent consolidating federal loans either

Re: Student loans: could use advice from people who went to private schools

i know when it was time to repay me student loan there were a few payment plans, and since i didn't have much money at the time i chose the plan that gave me the smallest payment even though it was the most interest, it was the only one i could afford, a few years later when i was i a better position i changed my payment plan and payed more each month and the interest changed
my loan was with direct loans,

Re: Student loans: could use advice from people who went to private schools

I owe over 50k in loans and it makes me sick. No my private education has to pay off. I am going to take some of the advice on the boards and see if I can consolidate.

The good thing is the can be paid over a long period of time and they are not bad debt.
But I still feel your pain....

Re: Student loans: could use advice from people who went to private schools

Just wanted to update you all since you have all given me such wonderful advice!

I called Sallie Mae and they DON'T consolidate any more, as a PP had mentioned. I actually told them about the offers they are mailing (I applied it to myself). This is weird, they offered to put me on an offer opt-out list, which I told the lady I did not understand. I told them I don't mind being offered consolidation, as long as they are actually going to do it. She told me the same thing: congressional cuts caused them to stop doing it (I swear sometimes they read from a script).

So my next call was to Direct Loan...THEY DO CONSOLIDATE. Not only that, their rate was half of what Sallie Mae was giving me. I consolidated those loans and they will be able to consolidate my gov't loans held at Sallie Mae too. I went on the longest payment plan and my monthly payment dropped by a wopping $600!!!! Wow! I'm thrilled! As I have said, I plan on making more payments than the monthly minimum, but I don't want to be stressing out over a large payment every month and risk having my license revoked and credit ruined!

Thank you all so much for putting this in perspective for me! I really though consolidating would increase my payment amount!

I heart you guys!

Re: Student loans: could use advice from people who went to private schools

I am so happy you got it resolved, it was such a relief to consolidate AND it made a big difference!!

Re: Student loans: could use advice from people who went to private schools- UPDATE ON PG 2: I CALLED THEM!

Posted by LittleBlueBug

Just wanted to update you all since you have all given me such wonderful advice!

I called Sallie Mae and they DON'T consolidate any more, as a PP had mentioned. I actually told them about the offers they are mailing (I applied it to myself). This is weird, they offered to put me on an offer opt-out list, which I told the lady I did not understand. I told them I don't mind being offered consolidation, as long as they are actually going to do it. She told me the same thing: congressional cuts caused them to stop doing it (I swear sometimes they read from a script).

So my next call was to Direct Loan...THEY DO CONSOLIDATE. Not only that, their rate was half of what Sallie Mae was giving me. I consolidated those loans and they will be able to consolidate my gov't loans held at Sallie Mae too. I went on the longest payment plan and my monthly payment dropped by a wopping $600!!!! Wow! I'm thrilled! As I have said, I plan on making more payments than the monthly minimum, but I don't want to be stressing out over a large payment every month and risk having my license revoked and credit ruined!

Thank you all so much for putting this in perspective for me! I really though consolidating would increase my payment amount!

I heart you guys!

Re: Student loans: could use advice from people who went to private schools- UPDATE ON PG 2: I CALLED THEM!

Glad it worked out for you!!

Re: Student loans: could use advice from people who went to private schools- UPDATE ON PG 2: I CALLED THEM!

GREAT news. Sallie Mae's loss!!!

I am also using directloan - so far its been very easy!

Re: Student loans: could use advice from people who went to private schools- UPDATE ON PG 2: I CALLED THEM!

that's a great update!!!!!

Re: Student loans: could use advice from people who went to private schools- UPDATE ON PG 2: I CALLED THEM!

Congrats - that is great news!

Re: Student loans: could use advice from people who went to private schools- UPDATE ON PG 2: I CALLED THEM!

That's great! I'm glad it all worked out!

Re: Student loans: could use advice from people who went to private schools- UPDATE ON PG 2: I CALLED THEM!

awesome for you!!!!

I really despise SM, so I'm glad you gave it to 'em!!

Re: Student loans: could use advice from people who went to private schools- UPDATE ON PG 2: I CALLED THEM!

good job!!!!

Re: Student loans: could use advice from people who went to private schools- UPDATE ON PG 2: I CALLED THEM!

Awesome! I'm so happy for you!!!