The new forums will be named Coin Return (based on the most recent vote)! You can check on the status and timeline of the transition to the new forums here.
The Guiding Principles and New Rules document is now in effect.
Student Loans Fucked Up
Death of Rats
Registered User regular
Registered User regular
Around July I started back to school. I got a private loan through Sallie Mae (the smart option loan) on top of my other loans to help me get set up while I looked for a job. Now, 5 months later, I've come to the realization that there may be something messed up with my loan repayment plan.
I'm still in school, and therefor should be part of the "Interim Period" of my loan. During this time I should only be required to pay interest only on my loan. However, after making payments for 5 months and finally looking over the info on my account, I'm paying the same amount on my principle as I am on my interest (which, while a good thing in the meantime, isn't helping me at the moment). And this isn't by choice, my minimum payments include the principle. Now, it's been fine so far, but starting next quarter, I'm going to be paying $80 on interest and $100 on principle, which is just something I can't afford at the moment.
So I'm wondering, is this just a screw up on Sallie Mae's part? Even on the website it says I'm in the "Repayment Period" instead of the "Interim Period". Isn't the interim period built into the loan by default? When I applied for the loan (and signed the promissory note) (June 2009), that seemed to be the case, but when the loan was dispersed (July 2009) it seems Sallie Mae may have changed their repayment practices.
Could this be something where they just screwed up? Everyone I've been able to talk to at Sallie Mae doesn't know what's going on with this. They keep bouncing me around to different departments.
I'm still in school, and therefor should be part of the "Interim Period" of my loan. During this time I should only be required to pay interest only on my loan. However, after making payments for 5 months and finally looking over the info on my account, I'm paying the same amount on my principle as I am on my interest (which, while a good thing in the meantime, isn't helping me at the moment). And this isn't by choice, my minimum payments include the principle. Now, it's been fine so far, but starting next quarter, I'm going to be paying $80 on interest and $100 on principle, which is just something I can't afford at the moment.
So I'm wondering, is this just a screw up on Sallie Mae's part? Even on the website it says I'm in the "Repayment Period" instead of the "Interim Period". Isn't the interim period built into the loan by default? When I applied for the loan (and signed the promissory note) (June 2009), that seemed to be the case, but when the loan was dispersed (July 2009) it seems Sallie Mae may have changed their repayment practices.
Could this be something where they just screwed up? Everyone I've been able to talk to at Sallie Mae doesn't know what's going on with this. They keep bouncing me around to different departments.
No I don't.
Death of Rats on
0
Posts
call sallie mae
thats probably what you want even if it does mean you owe more.