Posts Tagged ‘Sallie Mae’
How to Lower Your Sallie Mae Student Loan Interest Rate
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A reader of AskTheMoneyCoach.com wanted to know how they could lower the rate on a student loan being paid to Sallie Mae. Here’s the question the person asked:
Q: Being fresh out of graduate school and still learning about the financial world, I consolidated my federal subsidized and unsubsidized loans through Sallie Mae at a fixed rate of 7% in 2001. I thought this was a deal at the time. Payments have been made on time every month for the past 10 years.
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Does it make sense to transfer my Sallie Mae loans?
Q: I Have Four Stafford Loans With Sallie Mae – Three are Subsidized and One is Unsubsidized. I Also Have One Student Loan with Direct Loan. I am Considering Transferring the Sallie Mae Loans to Direct Loan. Does it Make Sense to Transfer These Loans?
A: When you say “Direct Loan,” I believe you are referring to the U.S. Department of Education’s Direct Loan Program (http://www.dl.ed.gov), where you can transfer and consolidate your federal education loans into a single, new loan which offers lower monthly payments. Whether or not it makes economic sense to transfer the loans depends on a host of factors, including: how manageable (or unmanageable) your monthly payments are; how many payments are left on your existing loan; the amount of time and interest you are willing to pay over time; and the interest rates on your current loans.
If you have variable rates on those Stafford Loans, it may be helpful to consolidate them in order to get a fixed rate. On a Direct Consolidation Loan, the rate is based on the weighted average of all your combined loans, rounded up to the next highest 1/8th of a percent. Your loan rate can never go above 8.25%. There are two quick and easy ways to see the financial ramifications of transferring/consolidating your loans. You can use this online calculator provided by the Department of Education. Or you can simply call the Department of Ed at 800-557-7392 and a customer service representative will be able to tell you your new payments — as well as how much extra you will pay in interest charges by consolidating.
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Posted in Financial Planning, Resources, Saving Money, Student Loans | 
Tags: Budgeting and Money-Management, Credit and Debt, debt, Department of Education, Direct Loan, Financial Planning, loan consolidation, money management, Resources, Sallie Mae, Saving Money, Spending Money Wisely, Stafford loans, Student Loans, subsidized loans, unsubsidized loans, Zero Debt For College Grads | 
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