“Dear Steve,
Student loans private 30,000 at 10% with five separate loan groups/amounts refuse to consolidate and lose control of options. Federal two groups one at 27,000 the other 29,000 both at 5.75%. 39 years old and have been working as a nurse for 1 year making at this time $62,000. I want to attack my sallie mae loans!
I’m highly motivated to make great sacrifices in a monthly budget so ask to ask my above mentioned loan. How do I formulate a strategic plan to pay off this debt wisely? How do I best access up to date information regarding the student loan industry itself along with my consumer rights?
Rebecca”
Dear Rebecca,
Unfortunately your private student loans have fewer options. While those student loans are protected from discharge in bankruptcy, there is no requirement that the lenders doing anything to assist you at all.
The good news is that there are options regarding your Sallie Mae loans and the Sallie Mae website is an excellent source of repayment options available to you.
Standard Repayment
The standard repayment plan offers the lowest overall cost. When you start repaying, your loans are automatically placed into this plan. Your monthly payment amount remains the same over the term of the loan.
Use Sallie Mae’s monthly loan payment calculator to see how this plan might work for you.
Extended Repayment
Lower your monthly payment without the inconvenience of applying for a new loan. Plus you can prepay your loan(s) at any time without penalty. If you have more than $30,000 in federal student loans, this option may be the best choice for you.
Graduated Repayment
With graduated repayment, your monthly payments are lower at the beginning of repayment and increase over the term of the loan.
You can choose to make payments as low as interest-only for up to four years. Payments for the remaining term will then be higher.
Income-Sensitive Repayment
Your payments are based on a percentage of your monthly income — from 4% to 25% — as long as you pay at least the interest that accrues every month.
If You Are Currently Repaying Your Loans
If you are currently repaying your loans you can login and find out what your Sallie Mae options will be by going to ManageYourLoans.com.
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