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You can call Sallie Mae and attempt to change your repayment plan....it will lower your monthly payment for now. If you do a graduated repayment plan, you would pay a set amount for say, 12 months, somewhat more for another two years, and then a larger amount for whatever the rest of the term of the loan is....
Sallie is not my friend. I owe Sallie lots of money. Darn expensive college degree that got me nowhere in life.
If your loan situation is more manageable, I might look into taking out a personal loan and using the money to pay off the Sallie Mae loan. It won't work for everyone, but I have heard of people getting better interest rates that way. And no matter what you decide to do, you absolutely have to start paying more than the minimum! I realize it's super hard with that high of a minimum in the first place, but it's the only way you'll chip away at it. Good luck!
If you do refinance, make sure it is in such a way that you can still write off the interest on your taxes. With what he's paying, that's a lot of money!
It really depends on his current loan student interest rate. It doesn't make sense to refinance the loan unless he can get a personal loan with a lower interest rate. I'm not sure what current interest rates are for personal loans but it's also dependent on his credit score and if he can even get approved for it since banks have been pretty strict about the loans they make now. Just out of curiosity, what is his current interest rate? My undergrad and grad loans came out to be about $35k 5 years ago and I'm currently down to $27k. My interest rate was 2.5% but was reduced to 2.25% a few years ago after 24 consecutive payments on time.
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I am so sick and tired of seeing my husband never have any money because of his stupid Sallie Mae loans.
He pays about $400 or so a month on his Sallie Mae loan, and his original loan out of college was $34k. 5 YEARS LATER, after paying $400+ a month, he still has $30k principle to pay off!!!
What? I cannot understand this! ! I'm so mad, and I guess naive - I didn't know it was this crazy, and don't have these problems with my loans, luckily.
Please anyone - is there anything we can do to pay off this loan? Put it under another loan?