Sallie Mae & Wells Fargo
Date: Tue, 03/08/2011 - 16:01
I have multiple student loans. One is private from Sallie mae and the other is Federal through Wells Fargo.
Original loan from each is $20,000
Total: $40,000
I've been paying collectively to both about $450/month for over 5 years. And apparently the amount I was paying (although I thought it was more) is only about $10 more than the minimum payments.
So after 5 years of paying thousands of dollars I review my accounts to see my principal balance and I nearly $*&% myself.
Total of approx. $39,200.
So because of high interest rates and regardless of paying consistently every month on time I've brought down my balance by about $800. WTF!?
So I call them up and because I have bad credit from other sources (despite me paying my student loans on time and in full or slightly more than minimum) they won't reduce my interest.
Now I've cosigned my father on the Sallie Mae and the interest on this is like 23%.
Currently I'm about to consolidate Sallie Mae with Wells Fargo. So I Wells Fargo will have 2 loans, one federal, one private. Federal fixed, private variable at 7%.
Before I have my mother co-sign the Wells Fargo private loan with me, I need to know what are my options. My wife and children, and home are at stake here. I am sick of paying out my arse in this debt only to find out it's not enough!
Please advise...help me before I break down.
Original loan from each is $20,000
Total: $40,000
I've been paying collectively to both about $450/month for over 5 years. And apparently the amount I was paying (although I thought it was more) is only about $10 more than the minimum payments.
So after 5 years of paying thousands of dollars I review my accounts to see my principal balance and I nearly $*&% myself.
Total of approx. $39,200.
So because of high interest rates and regardless of paying consistently every month on time I've brought down my balance by about $800. WTF!?
So I call them up and because I have bad credit from other sources (despite me paying my student loans on time and in full or slightly more than minimum) they won't reduce my interest.
Now I've cosigned my father on the Sallie Mae and the interest on this is like 23%.
Currently I'm about to consolidate Sallie Mae with Wells Fargo. So I Wells Fargo will have 2 loans, one federal, one private. Federal fixed, private variable at 7%.
Before I have my mother co-sign the Wells Fargo private loan with me, I need to know what are my options. My wife and children, and home are at stake here. I am sick of paying out my arse in this debt only to find out it's not enough!
Please advise...help me before I break down.
I definately would NOT be consolidating a private with a federal
I definately would NOT be consolidating a private with a federal. You loose all federal rights once you do so.
Your federal should be consolidated with the Direct Loan program thru the DOE.
