I would like to change my student loan from sallie mae to another company. What is the best way to do this?
Posted by StudentLoan on August 2nd, 2010 | 5 comments
I have a 35,000 dollar tyro loan superfluous with Sallie Mae. How do we switch? Or what association is a fantastic association to switch too?
I have already proposed profitable behind a loan. But a rates have been outrageous. I’m no longer in school.
Comments
pay it off in lump sum and go find another loaner
Financialaid.com is a excellent place to start, they have excellent rates, and it’s a pretty simple sign up. Certainly get your loans away from salle mae, their interest rates are outrageous.
go to your f. aid office in school they will be able to give the best advice to you .
Talk to your financial aid counselor. They will then give you the governmental agency’s number (student loan division) and they will provide you with all the information you need. You will, how ever, have to directly contact sallie mae let them know you want to discontinue using their loan services. Before they question you for a payment, but, as long as you let the student loan agency know that you will be switching providers, sallie mae will not be able to force you to start paying the loan back. It’s a sticky, long process, but it can be done successfully. Excellent luck to you!
Interest rates on your private loans are based on your credit history or that of your cosigner’s, if you have a cosigner. Your private loans’ interest rates are calculated using the Prime Rate, a small-term market interest rate, plus a margin. The Prime Rate is a variable rate, meaning it changes over time, and it is a market rate, meaning we do not set it. The Prime Rate is covered in most major newspapers, such as the Wall Street Journal, and is currently at 7.75 percent. Your loan’s margin is fixed and would have been told to you when you received your Sallie Mae loans. When you add the Prime Rate and your margin, you have your private loan’s interest rate.
If you are interested in trying to lower your private loan’s interest rate, you may want to consider refinancing your private loans with a Private Consolidation Loan (PCL). In fact, 75 percent of our Private Consolidation Loan customers lower their interest rates when they refinance and obtain a Private Consolidation Loan. Sallie Mae advises customers to apply with a credit-worthy cosigner to lower their interest rate even further. You are welcome to contact our customer service team to see whether Private Consolidation is for you. The toll-free number is 866-380-5005. Customer representatives are ready to help you Monday to Friday, 8 a.m.-11 p.m.