Sallie Mae private loan

Lady, are you wanting to get a loan to pay off a debt???

Is the Sallie Mae a student loan? Is there more than one loan? If there is multiple loans you may be able to use another company to consolidate the loans, possibly even at a lower interest rate.

No it is just this one sallie mae nightmare loan. Private screw you loan, which I was a moron at the time and thought that I would be working so I really didn't worry about it at that time because I thought by the time it was time to start repaying it I would be able to refinance through somewhere else. Well I am on permanent disability and not working. I just need to know if there is any hope to go anywhere to get another loan. Of course I will need a co-signor as my credit is in the ole' crapper. I know I am a total loser. Every month I pay on this loan it feels like I am just flushing my money down the drain since it is capitalized interest. :cry:

ladybug

There are a few companies that consolidate private loans but with poor credit and no employment you are not a candidate. Even with a co-signor you would likely be subject to high interest rate. Also, most lenders charge an origination fee which can be as high as 10% of your balance. You would be better off getting a private loan outside of the student loan industry with a family member.

I know but where do I go to get a private loan...like a bank? I know stupid question but need an answer.

ladybug

You would have to get a loan thru a bank. Maybe family member has access to a HELOC?? However depending on how much you owe and what your credit is like, you may need a cosigner. Plus the interest will not be tax deductable.

What does HELOC stand for and where do I find out? I owe $11,000.00 in student loan debt. I would need to have my husband co-sign the loan as I am permantely disabled. I really don't care about the tax deduction I just want to get out of this nightmarish loan I got myself into.

ladybug

What is your interest rate?? Is refinancing going to get you a better rate??

HELOC = Home Equity Line of Credit.

My interest rate is 17% and I can not get a home equity line of credit as my husband and I divorced because of my disability and I had to sign a quit claim to him. So in other words I am officially SCREWED :twisted:

I just want to cry :(

ladybug

Wait a minute...

Ladybug, you are not a looser. I looser would not be so active in a community that is so supportive. You have a husband who is there for you, you have family. You also have an internet-extended family here in these forums.

I have recently joined and in the middle of trying to make my own story work out. Please don't put yourself down. It is a vicious cycle. I know.

And the dumbest question is the one that is NEVER asked.

As for SallieMae's loans, I too have both types. I have a federal and a private loan; one for going to a University and one for attending ITT Tech.

I went with SallieMae, consolidating all my federal into SallieMae hoping that I could consolidate ALL my loans into one. No such luck. SM will not consolidate private and federal into one. My thought is that my credit is not the best. (When I had a check done, through Prosper.com, I am in the low 500's.) And even then, I had my father co-sign the loan. >sigh<

So you might just be better off with a more local branch of a bank or credit union.

I appreciate your kind words. I too tried to do a prosper loan but could not as my score is low 500. We will just have to hang in there.

ladybug

Lady,
Weren't u waiting on some info from another member here about ur student loans?? Did u ever get that info??
:?:
Ang

I have not heard from them. Maybe they can not help me as it is a lost cause.

ladybug

It's never a lost cause lady! I'm sorry u feel this way! There's always an answer, i'm sorry i can't be of more help to u other than that of support!
:(
Ang

Ugh don't get me started on Sallie Mae.