cancel
Showing results for 
Search instead for 
Did you mean: 

Sallie Mae Interest Rate reduction?

tag
Gallager2014
Valued Member

Sallie Mae Interest Rate reduction?

I have a private student loan through Sallie Mae. I am in a temp IBR program that doesn't cover all the interest. Is there a way to actually get the interest rate reduced or get the loan refinanced so that I can start chipping away at the balance? 

The balance is ~$74K at 9.5%

Message 1 of 2
1 REPLY 1
SCF
Valued Contributor

Re: Sallie Mae Interest Rate reduction?

There are still some lenders out there doing consolidation loans for private student loans, but you will need good credit and income and possibly a co-signer.  It's still worth investigating to see if you could get a lower rate.

 

I also remember reading something on these boards about a program Sallie Mae has for people with a financial hardship to lower their interest rate.  I could be entirely making that up, but I'll see if I can find it or hopefully someone else will chime in.

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.