Post # 1
I just figured out that as of November 2008, I’ve paid $8,575.83 on a $20,000 student loan through Sallie Mae. I have never missed a payment and I always pay over the monthly amount due – currenly I pay $200 over as it’s all I can afford. My current total amount due is $26,377.97…Seriously?!?! This loan refuses to die!!!!
I am 100% ok with paying back my loan – I don’t expect someone to sweep in and clear my record but I would really like it if I wasn’t paying more interest on my student loan than I am on my Car! I wish I could go back in time and kick my 17 year old self in the face before she signed on the dotted line.
Anyone else care to vent with me?
Post # 3
I had a small loan with sallie mae, $2600. It took me foreverrrrr to pay that baby off. Kind of happy the rest of my loans are through the govt.
Post # 4
What is your current interest rate?
Does your plan offer APR reduction with automatic withdrawals?
Post # 5
Ugh. I hear you. I’ve only been paying back my student loans for almost two years. I’ve paid almost $3,000 on my $20,000 loan and currently have paid almost $2,000 in interest. I hate it so much. At least I can see my car loan slowly going down. Why is school so stinking expensive??
Post # 6
I hear you. I hate that I owe more on some of my loans than when I took them out. I feel like I’ll never be able to actually save any of the money I earn becuase the loan balances aren’t going down fast enough
Post # 7
Ugh, yes. I’ve been paying for 2 years on my $32K in loans from grad school and I just last month finally managed to hit the $1K of principal paid off mark. Stupid stafford interest rate being 6.8% for grad students. Since I borrowed over $30K, my standard repayment plan is 20 years. Sigh.
Post # 8
I feel your pain, OP! I’m currently working on trying to pay off a pretty substantial loan through Sallie Mae and it definitely sucks! I regret getting loans through them as well and wish I had known more when I was fresh out of high school. I likely would have gone to a less expensive school (I chose a small, private college) or would have looked for alternative loan options. Lesson learned, I suppose.
Post # 9
I hear you. I’m at about $40k, all through Sallie Mae because I did the special government consolidation, which went through…and then was transferred BACK to SM. The only problem I’ve had is that when something was redone on my account, I had to redo the paperwork for income-based repayment (can’t afford to pay on my loans when I only make $10/hr :() and had to scrape up the money to make a payment because of it.
Post # 10
@sienna76: 7% it started at 5.5% but then the company that backed my loan through Sallie Mae stopped or something and it was switched which raised the interest rate, nothing I could do about it- I have auto withdrawals which save me a whopping .5% otherwise it would be 7.5%.
EDIT: Should also mention by first 2 years I barely paid over the amount due because I only made $10.25/hour so I think that kind of screwed me. AND the loan is actually going down now it’s just not below the original amount yet.
Post # 11
I feel ya, and now I’m in Grad School adding more on.
It’ll be worth it, right?
Post # 12
My student loan is currently at around $27000, and that is just for subjects, here we don’t get given a certain amount into our accounts for use on housing, subjects etc, it is just a payment of the fees directly to the university through the government, not through us. And my postgraduate degree will be about that per year, luckily my postgrad is only 1.5 years
Post # 13
All I can say is F*** YOU SALLIE MAE!!!!!!!!!!!!!!!!!!!!!! They suck and I feel the same way as OP, I always overpay and it feels like I’m barely chipping away at my loans. I have hardly any extra money for anything and I just feel like I’ll have them forever. The interest is absolutely ridiculous–if the government should regulate anything, it’s THAT!!!!!!
Post # 14
Is everyone with Sallie Mae? I have Nelnet, anyone else? I know my APR goes/went (geez I should check) down b/c I’ve had like 2 years of ontime automatic deducation payments. I get physically ill to my stomach whenever I think about the $30k+ loans and the job I have ugh. I currently pay about $250/month but only $92 goes on the principal…everything else is interest. Yep gonna throw up now.
Post # 16
I don’t have Sally Mae. I took out $135,000 for law school. I graduated with about $150-155k in debt. I’ve been paying IBR payments for 3 years. My loans are now at $170k.
I feel suffocated by the loans.