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Hi All,
I'm going to be calling Sallie Mae on Tuesday to discuss payment options and would love any insight/input/advice I could get. I'd love to call them today (Monday), but due to my work schedule today, I won't be at able to speak on the phone within their business hours.
I've been in repayment for two years and have both private and federal loans. I've paid on time and in full each and every month. I recently moved to a new state and changed jobs. While my salary is slightly more, I am now in a state that takes state taxes from my check in addition to federal and also has a higher cost of living.
I was clicking around in my account and realized that as of July, my payments go up significantly. I knew they'd be increasing sometime soon, but I didn't realize how much. While I can continue paying the rate I'm paying now, I just cannot pay more. It's a bit of a stretch now, but I have a budget, I stick to it and it works. I'm doing my very best to be financially responsible.
My question is more of what YOUR experience has been with Sallie Mae. With a good payment history and the willingness to pay - and by contacting them before I even run the risk of going into default - what are the chances they will work with me to find a repayment option that works?
I've also considered forebarance as an option. I've got a signature plus loan as well as a smart option loan in addition to federal loans. It's been my experience that finding private loan info on their site - outside of how to get one, of course - is difficult.
I feel like I'm doing the right thing here, by contacting them BEFORE there is a problem. By the time taxes and insurance comes out of my check, I clear about $2400. $1,030 goes to rent/utilities and doesn't include my car payment, phone bill or prescription. Paying about $625 a month in student loans NOW is tough, but I can do it. Paying more than a $1,000 is just not financially possible.
Any thoughts/suggestions/advice you all could share as I put together my 'case' if you will would be greatly appreciated. I'm a bit frustrated, to say the least. I'm TRYING to do 'right' but there is only so much money in a month.
Thanks!
Sarah
First, this is the right move. Sadly - I made the horrendous choice of pretending like they would go away and well.... that didn't work out. Nevertheless, I am back on track and hopefully will rid myself of them in a few years.
That said, Sallie Mae is notorious for poor customer service and misinformation. If you do want to talk to them I would speak with their Customer Advocate team:
Please send your inquiry by email to advocate@salliemae.com or call us toll-free at (888) 545-4199. They are the only US-based customer service team for their private loans that are competent and helpful.
In terms of forbearance, do you pay your accrued interest off in full each month? If not, I WOULD NOT enter into forbearance. Historically, they would take the accrued interest and capitalize it to the loan. That means you will start paying interest off the much higher amount increasing your overall payment to them.