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.