Fed Financial
private student loan from sallie mae?
Right now I have about 31,000 in private loans from sallie mae (Im only a sophomore!!!) and the interest rates are RIDICULOUS im talking like 14% and its accruing while I am in school. Is there any lender who will consolidate my loans while I am in school so I don't have to worry about owing a TON of interest when I finish? I am really worried about my financial future with all these loans, with the fed loans I have for the two years totaling about 13,500 so far (two 4,000 unsub and 2 subsidized for 2,625 and 3,500) I just worry that when I get out I am going to be like 70 thousand in debt and not get anywhere with my degree....any suggestions? its really causing me stress while I am in school trying to do good I feel like I have a TON to worry about in the future. I know that almost everyone has student loans, but I don't know anyone thats as far in as I am being only in my second year. i know the private loans will accure interest even if i consolidate, I just want a lower rate.
Public Comments
- Try calling Sallie Mae directly. Most loans are deferred until you have graduated and then your interest rate drops to a crazy low rate. I never touched my loans until I graduated, and I don't seem to be paying much more than the original amounts I borrowed. My interest rate is less than 5%. Talk to them about your concerns. They are usually good with explaining rates and payments.
- Dude, you need to find a cheaper school. Most people who go to school can go on federal school loans only. Private school loans are a scam - IMHO. Do you realize how much the payment of 70 thousand dollars is going to be? You will be able to consolidate the federal student loans.. but I don't think you will be able to include the private ones. Now, if you are going to school to be a doctor, then I wouldn't be so worried, but still that is an awful lot for a sophomore. I'm attaching a good publication, in the back is a lot of info about loans and how to consolidate.
