If you are like me, you’ve had some disappointing phone calls with your private loan lender when you tried to get some assistance making your payment.
This article will focus on my experience in getting interest rates lowered with Sallie Mae. I stumbled upon this approach while helping another borrower whose private loan was in a delinquent status.
Realizing that this new arrangement just saved Fred hundreds of dollars this year alone, I proceeded to ask all the questions I could to learn everything there was to know about this program. Upon learning all of this information I called Sallie Mae to see if I could get the interest rate lowered on my loan that was not delinquent. Please use the comments section below to share your successes and failures using this method.
After reading this method, I was so excited to get out of work and to get on the phone with Sallie Mae to try it out. Does anyone have any suggestions for us Sallie Mae Slaves like myself who cannot get a cosigner to consolidate our private loans? As for your last question, I don’t personally know of an private loan consolidation companies that would be willing to consolidate without a cosigner and give you a low rate unless you have excellent credit. Before you reach out to an attorney, I’d suggest that you make numerous phone calls to Sallie Mae and explain your situation. As for as attorney suggestions, I haven’t really worked closely enough with any to feel comfortable with making a suggestion.
I heard about Sallie Mae splitting into different companies (I wrote an article about it when they first announced it) It is really terrible that their restructuring of their business has had such a negative impact on you. Next time you call them, I would suggest you ask how much you would have to pay for it to even reduce the principal by $1.
On the first you pay the minimum payment of $66.67 – You just paid off all of last month’s interest so the account has $10,000 in principle remaining and $0 in interest.
Well now on the 15th you have accrued $33 of interest already for the month, so a payment of $20 would go straight to interest.
This option is much simpler, on your payment date pay an extra $20, the $66.67 will go to interest and the $20 will go to principle.
I know loans can be difficult and confusing but you have to pay close attention to what is actually going on, because the lenders are only concerned with getting their maximum return. So in summary if the majority of what I said above made no sense just remember these two key points.
2.No matter how they try to spin it, paying anything above your minimum is a good idea, particularly on high interest loans. If anyone is considering making an interest only payment, it should be as short term as possible, and you should pay extra whenever you can.
I’m glad to see you were able to resolve things with myfedloan, but I worry about your situation with SM.
One thing that might yield better results would be to make sure you talk to a collections specialist rather than a customer service representative. I know that things seem bleak right now, but if you are persistent but polite, you will have the best odds of getting a successful resolution.
I tried talking to the collection department and was told that there was not one to talk to ? As frustrated as I am with Sallie Mae, I did speak to their Consumer Advocate Unit and they were amazing and in no rush to get me off the phone.
They cleared up some questions I had from previous Sallie Mae encounters and were honest with the information.
I am currently enrolled in Sallie Mae’s rate reduction plan for the second year in a row.
As that plan year came to a close I received correspondence from Sallie Mae that I qualified for an extension of the rate reduction plan – call to set everything up.
August 12th comes and nothing happens – no money is removed from my checking, no payment posts to my account. She begins to explain that my request to change due date(s) never went through which is why I’m seeing past due balances.
The female that picks up next sounds about 16, I can hear giggling in the background and I feel like I’m getting the run around.
Stay far far away from this company – borrowing money from them was the BIGGEST mistake of my life.
Sallie Mae is the devil and borrowing money from them was the worst mistake I have ever made!

With no choice but to file for private loans I was forced to borrow from Sallie Mae to pay for undergrad and grad school. At this point I have no idea what to do, $2000 a month is insane and I am not sure how my husband and I will make it work.
I know my options are few and far between, other than defaulting, I have none, but again, thank you. Sallie Mae original loan balance 18k upon graduation interest had driven this amount to 27k also I was charged a 575$ loan repayment fee when i started repaying my loans which seems like bs.
Unfortunately, I was informed that since my account is current and since I am able to afford the payments, I am not eligible for the rate reduction. This is a great point Mike, it seems absurd to penalize you for not falling behind on your loans. I was told today that because my loan wasn’t private with Sallie Mae they could not do anything for me.
So, they erred (twice actually), they admitted their error, but refuse to adhere to their original forbearance agreement, and immediately have charged me interest again, etc…I received an actual monthly mailing in which they suggested I set up an automatic payment plan of almost $500 monthly for my convenience of course.
The income based repayment applies only to federal loans and the program described in this article is for private loans. If this image belongs to you or is your intellectual property, please submit a copyright notification instead of reporting it.
We encourage users to report abusive images and help us moderate the content on We Heart It. The shift of massive amounts of student loans from Sallie Mae to Navient has been a headache for many borrowers. Borrowers who sign up for the Rate Reduction Program can get their interest rates lowered down to 3% or lower depending on individual circumstances. The major downside with the Rate Reduction Program is that Navient doesn’t want to make it too easy to sign up for or too popular.
Start out organized – Navient will have a ton of questions about your finances, so have detailed information about your income and all of your monthly expenses.
Call the direct number at (877)905-4527 for the Rate Reduction Program – If you just call the standard Navient number, they will first direct you to a customer service representative.
Work with the person on the other end of the phone – The interest rate reduction is not a term of your student loan or a legal requirement. If you cannot get your interest rate lowered, it is likely because Navient thinks you are making enough money to afford your student loans at your current interest rate. It obviously sucks if they can lower your high interest loans, but the good news is that you might be able to take your business elsewhere. If you can get a lower interest rate, through Navient or another company, take advantage of it. Did you know that if you pay Navient more than your monthly minimum, they do not apply it to reduce principle? You will have to call them and let them know that you want the extra payment applied to your principle, especially if the extra payment is equal to or greater than the actual monthly payment.
Just a recent FYI, I just made this month’s payment with their new website and paid more towards certain loans. I just call to make my payments, and say that I want it applied to the principle immediately. Queen Latifah and her girlfriend share a sweet kiss together while relaxing poolside at the Hotel Cala di Volpe on Sunday (August 17) in Porto Cervo, Sardinia. The 44-year-old talk show host and her partner rocked colorful swimsuits as they went for a walk along the beach and soaked up the sun on their romantic getaway.
Make sure to tune into The Queen Latifah Show today (August 18), where the special guest is Nicole Kidman!
And yet a picture of her passionately kissing another woman will STILL not convince people she’s a carpet muncher. She kisses her girlfriend out in public, yet she STILL won’t come out and just admit she’s gay? If you are less interested in how I got my rates lowered and more interested in getting your rates lowered here is my quick and easy step by step guide to lower interest and payments from Sallie May.  Also, its worth noting that this applies only to private loans, if you want to lower your payments on your federal loans, click here. Do you know of any private loan consolidation companies that do not require cosigners while offering low rates? I was going about my business the past few months and paying Sallie Mae with my online bill pay when suddenly Sallie Mae starts blowing up my phone. Graduated payment plans are a horrible idea and will cost you greatly over the life of the loan.

They told me i could only get the 0.25% for automatic debit that i am currently already enrolled it. I was sick of the phone calls and ready to get on track so I agreed to pay $425 per month (about half) at 2% interest.
Failure to pay can result in termination of enrollment so panicked I attempted email contact (don’t bother) and ended up having to call while at work. With 9.5% interest rates on my SM student loans, 75% of my monthly payments go to interest.
My question is: can a variable rate be changed to a fixed rate during the life of the loan? But please keep in mind that reporting images that are not abusive is against our terms of service and can get your account blocked. I do this every month, you just have to ask them to break them up so they don’t draft as one payment but individually. The following step asked me what I wanted to do with that money, either put towards a future payment or delay a future payment, or put it towards this months payment as extra.
A†om a™?~~Here is the best, largest and most successful Interracial online dating site for black and white singles share your life and love with friends online. I spoke to Customer Service and sure enough, the rep said that all he could do is put my loan on temporary forbearance if I couldn’t make my payments. I was so hopeful i was going to finally catch a break but once again Sallie Mae dissapoints. I’ve been working full time since graduation but making at least half of what I anticipated and as a result my credit will never recover. As long as my payments were made on time and in full I would be in good standing and qualify for an extension of the plan next year. I was on hold for 45 minutes and passed between 3 people before a rep confirmed they could see the payment on their end, my account was in good standing and that I should see the change in my checking account within 48 hours. Watch my account sit delinquent and accrue late fees after I worked so hard to start repairing my credit – and I just had to take their word that they would not allow anything to negatively impact me as a result of this.
However, it doesn’t show anywhere on my statement that I actually receive this rate discount. There’s no toggle between interest or principal for the extra, but they do now allow you to put it towards the month you are paying on. We went over numbers, I was put on hold for another 20 minutes or so and the rep returned with my new numbers – $500 per month at 3% interest. It also seems backwards that since I make my payments every month on time in full I a disqualified candidate for a reduced rate. Henson, Amber Rose & More Are VH1's Big in 2015 Stars!Jennifer Garner's 'Miracles From Heaven' Debuts First Trailer!Queen Latifah Celebrates 'Bessie' Wins At HBO's Emmys After Party 2015! I expressed my concern about the payment increasing, I’m paid bi-weekly and having that much come out of one check makes it difficult. The rep suggested a split payment using my set paydays as guides – $250 per pay was much easier to commit to. She even said they could change my due dates to accommodate the 2 payments – my account would never be in jeopardy of becoming delinquent. I explained to her that I was unable to continue making my monthly payments and even threatened that I was considering consolidating my private loans with my bank but that I wanted to check with Sallie Mae about the Rate Reduction Program. Again with 45 minute wait, passing game and finally I end up with the rep that helped me set up the program in July. She was honest enough to tell me that I qualified for the program but that she could *temporarily* reduce my rate to 3% for one year, and that this would only be factored into my interest payments- so really, it would still be increasing my principle.
I was disappointed that this is not a long-term solution but glad that she was honest with me about how it worked.
My problem is that when I did consider consolidating my private loans with my bank (Wells Fargo), the application process involved getting a co-signer. The worst part is Sallie Mae private will not give me an account number to do online bill pay.

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