Fed Financial
consolidating private Sallie Mae student signature loans?
My federal loans are all consolidated at about 3.5% ($27,000) with a minimum payment of about $150. This is ok, and i can handle it. what i am concerced about are my sallie mae student signature loans, they also total about $27,000. they were at about 10% interest. My parents co-signed for these ones. They consolidated the signatures loans into a line of credet on their house, but the interest rate is stil 8%! That is making my min payments more than $250 and all of it is going to interest! is there any way to get this interest and payment down to what is similair to my federal loans of the same amount? aprox. 3%? what is the best way to go about doing this? did i miss out on the best consolidating because my parents went a head and took out a line of credit? please help. IM GOING BROKE!!!!
Public Comments
- bless your heart...that sucks. And I can say that because the same thing happened to me...although not that much debt. You can't mix the two (federal and sig loans) so the next best thing to try is to call Sallie Mae (I used them too) and be honest, explain your situation and see if they can lower your payments, adjust them or do anything to take the load off you. Fingers crossed for you! ;)
- I found this http://wiz.sc/studentloans article it should answer your question it has some good information on student loans.
