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Do Sallie Mae "Interest-Only" payments go up?

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Anonymous
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Do Sallie Mae "Interest-Only" payments go up?

I am not sure that I am asking the question properly and I don't know the full details of the loan accounts. My exwife and daughter took this loan out. My ex will not tell me anything about the loans except that I have to make the interest payments. My daughter does not know much about her loans either. 

 

But here is what I know:

  • Sallie Mae loan - $10,000 Cosigned by Ex-wife for my Daughter in 2013.
  • Making interest payments monthly to keep the balance from increasing while daughter in school.
  • No loans of this type added.
  • Payments from Jan 2014 -  December 2015 were $73.28

 

My Daughter Graduated in may 2017. (YAY) Her loans are still in deferment until November.

 

She just received a "Payment Reminder notice" about an 8/3 payment for the amount of $82.03. She had never received a payment reminder before.

 

My Question is: Can the interest payment go up when the loan balance goes up? Could the rate be variable? 

 

I am asking because My Ex loves to take me to court for these types of things that I don't know about and she is not forth coming with the information. I never knew that there were student loans that you were required to pay interest on while still in school. I found out about it when she took me to court stating I owed her $2400 in interest payments. (and the judge, of course, sided with her.)

 

Message 1 of 6
5 REPLIES 5
Anonymous
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Re: Do Sallie Mae "Interest-Only" payments go up?

Well, I found out from my Ex that the loans are definitely Adjustable rate loans. Now I need to find out the terms.

 

Looking at her spreadsheet of payments, the loan was stable for 2 years, then changed for 6 months, then changed for 4 months then changed again after 3 months. Now it looks like the payment is changing monthly?? that really sounds wrong. 

I need to get my daughter to sign into her account so I can look over her loan docs if they are online.

Message 2 of 6
Anonymous
Not applicable

Re: Do Sallie Mae "Interest-Only" payments go up?

Hi - If you legally have to be paying for these loans per the judge, then you should legally be able to have access to that account or the judge should order your ex to provide you with some kind of proof.

 

Loans do change like that depending on what plan you have set up for re-payment.  You can have your daughter provide you with the documents once she logs in, but, the plan for re-payment will remain the same unless your ex (or whoever has access/power) change it.  Have you tried talking to a lawyer? If you're only paying for the interest? and your ex is paying for the loan? Then why is she not in a hurry to pay this loan off? 

Message 3 of 6
Anonymous
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Re: Do Sallie Mae "Interest-Only" payments go up?

I am legally responsible for paying the same amount she does. My daughter takes over the loan payments once they come out of deferment because she just graduated. 

We went to court over this in December 2015. She had paid 2 years worth of interest and brings it all up when I requested to reduce child support and eliminate spousal support.

The judge told me that it's my fault that my ex-wife did not tell me about the payments. (I never knew there was such a thing as a "non-deferred interest" loans.) My Daughter wanted deferred interest and wanted fixed rate. My ex-wife pressured her into taking a different route.

 

This upcoming court date will be interesting. in December 2015 we were in court and my ex only brought up these interest payments. Now, She says I owe her $6000 because she is claiming that she paid out of pocket 12K for the 2014-2015 school year. My question is if she didn't feel I owed her the $6000 back in 12/2015 for money that was spent before that.....why does she feel that it is owed now? 

My biggest argument is that my daughter's Bank and investment accounts were liquidated to pay for the 2014-2015 school year.....but my ex is saying no....all the money that was paid was hers.

 

Message 4 of 6
Anonymous
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Re: Do Sallie Mae "Interest-Only" payments go up?

I ain't no lawyer, but something is not right. Doesn't sound like she used the liquidated money to pay for the loans (as she states).  Definately get help and good luck!! 

 

Keep us updated.

Message 5 of 6
jim44
Established Contributor

Re: Do Sallie Mae "Interest-Only" payments go up?

I agree.. You should have access to everything that has to do with that loan. IHO. 

Message 6 of 6
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