Question
I am getting ready to pay back my Sallie Mae student loans and they are expecting me to pay approximately $500 per month for my private loan. The only other alternative they gave me for a lower monthly payment was the Interest Only option, which I have heard is a horrible choice. Given today's economic condition and the difficulty of college graduates finding jobs, I don't know how they can expect people like myself to pay $500 per month. Are there any private consolidation companies out there right now that can significantly lower my monthly payment? Thank you!
I am getting ready to pay back my Sallie Mae student loans and they are expecting me to pay approximately $500 per month for my private loan. The only other alternative they gave me for a lower monthly payment was the Interest Only option, which I have heard is a horrible choice. Given today's economic condition and the difficulty of college graduates finding jobs, I don't know how they can expect people like myself to pay $500 per month. Are there any private consolidation companies out there right now that can significantly lower my monthly payment? Thank you!
Answer
Wells Fargo might be the only one worthwhile these days. Look for ones that have little or no origination fees and have reductions if the money you owe is periodically auto-deposited.
Wells Fargo might be the only one worthwhile these days. Look for ones that have little or no origination fees and have reductions if the money you owe is periodically auto-deposited.
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