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Valued Member
michintom
Posts: 37
Registered: ‎01-11-2013
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Sallie Mae Outrageous Repayment

Hello Everyone,

 

Today I received an e-mail from Sallie Mae regarding an update on my student loan.

I logged in and saw there was over 10 different e-mails from sallie mae. 

I only make $2,600 gross a month and my Sallie Mae student loan payments are due on 6/16/2013.  I need to start paying $for two different loans.  One loan for 120 payments of $321.67 and the second loan for 120 payments of $713.87.

Is there any way to lower the monthly payments because with the two payments of $1035.54 and my car payments, credit card payments, cell phone, utilities, and etc. (Gas, Food) I won't be able to survive. :smileysad:

Any recommendations? 

Thanks in advance!


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InvincibleSummer3
Posts: 640
Registered: ‎11-20-2012
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Re: Sallie Mae Outrageous Repayment

Have you spoken with Sallie Mae about getting into an IBR or ICR program? Those acronyms stand for "Income-based repayment" and "income-contingent repayment", and both can help lower your payments.

I would say call Sallie ASAP and tell them you need a payment plan with lower payments.

Valued Member
michintom
Posts: 37
Registered: ‎01-11-2013
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Re: Sallie Mae Outrageous Repayment


InvincibleSummer3 wrote:

Have you spoken with Sallie Mae about getting into an IBR or ICR program? Those acronyms stand for "Income-based repayment" and "income-contingent repayment", and both can help lower your payments.

I would say call Sallie ASAP and tell them you need a payment plan with lower payments.


Thank you for the reply!  I'll go ahead and call them first thing tomorrow morning!


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twall06
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Re: Sallie Mae Outrageous Repayment

Thats what i did got my payments reduced its crazy how much they expect you to pay a month . I got mine cut to a fourth of what they wanted but im doing the graduated payment plan.
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michintom
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Re: Sallie Mae Outrageous Repayment


twall06 wrote:
Thats what i did got my payments reduced its crazy how much they expect you to pay a month . I got mine cut to a fourth of what they wanted but im doing the graduated payment plan.

Thanks!  I just called Sallie Mae and I'm still under a grace period.  The lady I spoke to said it would be very easy for me to get a income-based repayment since my gross income and monthly payment to sallie mae is over 30%.  I'll call back first thing on May 1st.  Hopefully I'll be able to lower my payments a lot.  :smileysad:


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Simply827
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Re: Sallie Mae Outrageous Repayment

Do you have any private loans in that mix or are they all Federal? If you have private loans they won't be eligible for IBR.


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michintom
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Re: Sallie Mae Outrageous Repayment


Simply827 wrote:

Do you have any private loans in that mix or are they all Federal? If you have private loans they won't be eligible for IBR.


It's a mix of DLSUB, DLUNSUB, and FFELP. :smileysad:


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laz98
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Re: Sallie Mae Outrageous Repayment

Those all sound like federal loans, if the DL you are referring to is Direct Loans.  You should be able to roll all of those into IBR.

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Valued Member
michintom
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Re: Sallie Mae Outrageous Repayment


laz98 wrote:

Those all sound like federal loans, if the DL you are referring to is Direct Loans.  You should be able to roll all of those into IBR.


Thank you for the reply.  As long as I can lower the monthly payments, it would be great.


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laz98
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Re: Sallie Mae Outrageous Repayment

[ Edited ]

michintom wrote:

laz98 wrote:

Those all sound like federal loans, if the DL you are referring to is Direct Loans.  You should be able to roll all of those into IBR.


Thank you for the reply.  As long as I can lower the monthly payments, it would be great.


You might have to apply for IBR more than once, if you have loans with different lenders or loan servicers, but it's worth it.

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