First of all for anyone who might be thinking of getting private loans through Sallie Mae, please get quotes from private lenders as well. Sallie Mae says they will help you but they will only help once. I was under the impression that I could consolidate my loans and have a "low" monthly payment before I applied for them. This was not the case when I graduated and had to start paying them back. My interest rates are between 4-8% for four different loans. My "low" payments are about $200/month and 99% is interest only. My only option for deferment is to go back to school, which means I must borrow more money. Hence the cycle keeps going round and round. I am very displeased with Sallie Mae and their willingness to take advantage of good people trying to further their education and do better for themselves.

ColbysMom

Huntsville, AL

I have cosigned for student loans for my son who is now 23 and looking for a job.  He was able to get a deferment for the first 6 months and now is not able for another one.  The government states that if you are in financial trouble to talk to the lenders and they will help.  NOT TRUE.  They don't care. You tell them that you can't afford the payments and they say you don't have any more deferment available and that they can't help.  They have also said you applied for the loan and now it is due and you have to pay it.  I am helping him pay his loan,but it is hard.  Someone need to help Private Student Loan Borrowers with dealing with the lenders on payments.  It's not like we are not trying to pay them back, we are paying them, but it is very hard.  They keep hiking on this interest rates that seems like he will never be finished paying the loans back.  When is the president going to help?

cjames2424

Charlotte, NC