Monday, July 24, 2006

The interest on my Sallie Mae student loan.....

Is 10.25% WTH???????

I know this is a private student loan but damn, come on. I already pay twice the minimum every other month. I am keeping my fingers crossed that the part-time evening job will work itself out soon. This extra pay check will go directly to Sallie Mae.

I will be working for Sallie Mae. Sad the things the financial aid office does not tell you.

7 comments:

Single Ma said...

Dang, I didn't know student loans could have interest rates so high! Is the rate fixed? Can private loans be consolidated?

Tired of being broke said...

The rate is variable. I tried to consolidate the private loan but the process left me scratching my head. And most places do not seem to have fixed rate private student loans.

CollegeGrad said...

Girl! I know how you feel. These student loans are getting on my nerves!

Single Ma said...

Ugh! That's a mess. If I run across anything useful, I'll send it to you. Rates are only going up so we gotta get you out of this mess quick!

Tired of being broke said...

CollegeGrad they already run my nerves ragged.

Single Ma thanks for the support. I hope all works out this weekend and I have a part-time job. I am so unformatable with this Sallie Mae loan it is not funny.

Debt Hater said...

Wow, that's the highest rate I've ever heard of on a student loan. My good friend jokes she'll be paying off her student loans when her grandchildren are in college. Thankfully, I got what amounted to a free ride to school and I thank God often for it!

Marlon32 said...

The financial aid counselors dont tell you anything because the univeristy receives money in the form of kick backs from sallie mae in order to stay quiet and to steer students to them. I am in the same boat as you, hoping to work more hours or get a second job to get rid of them. I am already in my 30's though so hopefully you'll beat me.