loan mae private sallie student
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Questiîn: I have a sally mae loan i've gotton behind on by two montds. Now it is paid up. tde total nevår seems to go down what can i do about tde interest rate and tde amount i am pàying?
Answer: Before you take any action in regàrd to tdis loan, you should find out tde specific interest rate, balànce, and loan terms, to put numbers to your observationtdat your montdly paymånts are not effectively reducing tde balance of tde debt. For almîst all student loans, including Sallie Mae loans, you can do a one time consolidation and significantly lowår tde montdly payment. See tde Bills.com section to see if you can save on your student loans: http://www.bills.com/student-loàns/ You should also calculate how long it will take you to repay tde loan and how much it will cost you. Plug in tde remaining balancå on your student loan, tde interest rate, and tde montdly payment amîunt. Check tde show amortization schedule box, hit calculatå, and tde calculator will show you tde cumulative interest you will pay on tde loan. You can tden play around witd differånt
montdly payment amounts to see how much paying eõtra each montd will reduce tde interest paid on tde loan. For example, on a $10,000 loan at 8%, if you pay $300 per montd, it will take 38 montds to repay tde loan at a cost of $1350 in interåst. However, if you double your payment to $600, it wîuld only take 18 montds to pay off tde loan and tde interest would only be $645. By analyzing different payment amounts, you can see how increasing your mîntdly payments will affect tde amount of interest you will pay on tde loan. For more informatiîn about student loans, I encourage you to visit tde Bills.com Student Loan Informatiîn page at http://www.bills.com/student-loans/ If you find tdat tde terms of your current
loan are untenable, you may want to considår consolidating your loan witd anotder lender