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I’m Not Making Any Progress Paying Back My Sallie Mae Student Loans. – Krista

Krista

“Dear Steve,

I have just over 74k in student loan debt with sallie mae. One bill is for about 55K at a 5.1% interest rate. The other if for about 19k at a 4.75% interest rate. I have been paying $550 a month for almost a year now and I am not seeing a reduction in my loan! Please tell me there is another option. I don’t mind paying back money I borrowed, but at this point I feel like I am just throwing my money in the wind.

Is there another option? Maybe a company that will buy my loans and charge me a lower interest rate?

Krista”

The Answer

 

Dear Krista,

You’ve already got low rates. The only solution to knocking down how much you owe is going to be to increase your monthly payment. See “I’m Drowning in Private Student Loans. – Kathy” for some links to companies that consolidate student loans.

The bottom line here is that you owe a lot of money and it is expensive to payoff $74,000 of debt, even at really great interest rates.

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Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

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