Fed Financial
How can I negotiate my sallie mae student loans?
I would like to pay off the entire loan at once, but its a large amount. I have been making monthly payments for the past 9 years and interest is still being added to the original loan amount. My total loan is now $80,000. Is there anyway I can negotiate with sallie mae to see if they except $40,000 or $ 50,000 as full and final payment?
Public Comments
- As far as I know, Sallie Mae, because your student loans are federally backed (rather than backed by a private bank), will not negotiate a settlement. Have you considered consolidation? Student loan consolidation is a way to bundle your student loans into one new consolidation loan, reducing the number of monthly bills and possibly lowering your monthly payment. Plus, in the case of federal student loans, consolidation gives you the opportunity to lock in a low fixed interest rate. The best thing would be to contact them directly and ask them this question. 1-888-272-5543 (got this from the Sallie Mae website) Good Luck
