pullagrav asked:


Sallie Mae won’t help me out at all, and I’m having a real hard time just paying for community college. My cosigner has good credit, just has cosigned on too many of my brother’s loans. I really need to pay this semester off and I don’t know what to do.
I’ve exhausted my federal options yet there is still about $4000 left for me to pay, and a private student loan is really my only option if I could get one!

mathwhiz454 asked:


I had to pay for all 4 years of college using student loans, and now I’m paying them back @ $700/month.

Obviously, I want this payment reduced, especially while I try to find a better job than the one I got right out of college.

They’re all from Sallie Mae, but they’re multiple loans. Can I consolidate multiple loans from the same company? They all have separate interest rates.

Is there anything else that I can do to lower my monthly student loan payments?

These days, numerous options for paying college tuition abound. While some are more traditional and have been established for many years, others have been created only in recent years. Through all the changes and new options of how to pay for college, the one constant is that college tuition will increase as time goes by.

The following is a list of several options available for paying college tuition. Do your due diligence and research these as well as other opportunities for funding.

College Loans

A necessary evil for millions of college students, college loans provide funds for college that are to be paid back in a variety of plans. Currently, Sallie Mae is one of the premier companies for college loans. I’ve used them for my loan and they really seem to have their act together. Try a Google search under “college loan” for starters.

Two ideas to consider about college loans:

1) The interest on college loans can often be tax deductible, depending on the type of loan and how long you have the loan.

2) Be wary of the payment plan once you are ready to pay your loan back. The payment plan I chose started with low monthly payments for the first several years and the monthly note gradually increased over time. This made it handy as I wasn’t making much money fresh out of school, but started making more money as my minimum monthly payments gradually increased.

529 Plans

These plans allow people the chance to set aside money in an account that must be used to pay tuition at an accredited university. While the money that is saved is taxable, the dividends paid on that saved money and the withdrawals are not taxable.

Scholarships

You may have options available to you in scholarships if you are gifted academically, athletically or perhaps artistically. Of the methods listed in this article for paying for college, earning scholarships arguably requires the most research. The reason for this is scholarship requirements can vary and many are only available through a particular college.

I was fortunate to get a band scholarship for college. While the scholarship did not nearly cover my tuition, it gave me some extra spending money.

Pell Grants

According to the website http://www.ed.gov/programs/fpg/index.html, “The Federal Pell Grant Program provides need-based grants to low-income undergraduate and certain post baccalaureate students to promote access to postsecondary education.”

You should certainly try to get a Pell Grant, if you believe you are even remotely close to qualifying. Some factors like the amount your family is “expected” to contribute towards your tuition, whether you attend school for a full year or not, your attendance status (full or part time), and others will determine if you are eligible.

I was never able to qualify for a Pell Grant as I was still living with my parents at the time I went to college, and therefore was considered financially supported by them. Again, keep Pell Grants at the top of your list, as this is money you don’t need to pay back like you would a loan.

Among the uncertainty of college funding options, the principle of tuition rising remains constant. Do your due diligence and investigate the options listed here as well as options that may be available only in your home state. A college education is one of the best investments you can make. Researching the best funding options for college is a truly wise move.

By: Paul Heingarten

About the Author:

Mrs Z asked:


My daughter is entering her junior year of college and is transfering to a different college. In her freshmen year we co-signed a loan for her. In her sophmore year she was able to take out a loan without a co-signer. Now she is applying for another loan and Sallie Mae is telling her she needs a co-signer. I had hoped that we would not need to sign for her again. Are there any other loans for college students that the parents do not have to sign for?

CyberWoolf asked:


I have 2 private student loans totaling around 23k with interest around 16%. They are currently with Sallie Mae (ugh) and they don’t offer consolidation anymore.

Are there any other places I can go for private student loan consolidation? I have a credit score of 570 (I know it sucks).

I’ve done searches forever and seem to find places that are scammers or for good credit.

SaltWaterDiatoms asked:

COMPLAINT #1 (Office of Inspector General / Department of Education) “Anyone suspecting fraud, waste or abuse involving Department of Education funds or programs should call or write the Inspector General’s Hotline.. OIG Fraud Hotline” ~ ed.gov Sallie Mae was the _only_ financial lender involved in the diploma mill fraud… and now ask Congress for a bail out?? GO TO GOOGLE AND RESEARCH THESE 2 THINGS: 1. Westwood Diploma Mill Scam 2. 60 Minutes Sallie Mae Fraud Students say college misled …

drcysto asked:


I consolidated with Sallie Mae last year. They suck. Late charges for no reason, web site not updated, have to apply for deferment over and over again … can I leave them and switch to another company?? Thanks for any help.

mlaw925 asked:


I need to take a few classes, and I am planning to take out a small private student loan. I have heard some negatives regarding Sallie Mae — anyone have positives for them? Anyone have a loan from CLC? Are interest rates comparable? Any preference of one over the other? Thanks for the help.

When the need for a student loan arises due to the peak of financial challenges in your college years, you can usually can find the funding you need. In many cases a student will have to apply for more than one student loan before reaching graduation. Even if you happen to acquire several student loans, there is no need to panic as graduation nears. Remember that you still have the option to consolidate those loans.

There are basically two major types of student loans. First is the federal student loan which is guaranteed by the US Government through the US Department of Education. They have implemented a Federal Student Aid program as a part of their campaign to provide equal education opportunity for all aspiring college students in the country. Federal student loans are not considered direct loans to the student from the US Government. However the loans are provided by the US Department of Education and a loan servicing institution, When you need to consolidate federal student loans you have the opportunity apply for single loan to accomplish the needed consolidation. One example of federal loans used to make a loan consolidation is a Stafford loan.

As an alternative you can use private sources consolidate your student loans. Private student loans, on the other hand, are administered by privately owned lending institution. Some of the most well known private lending partners are also the leading financial institutions such as Citibank, Chase and Sallie Mae. In general private student loan rates are higher than public sector loans. However there may be more benefits in terms of payment schedules, payment deferments and longer loan repayment schedules.

For those who have incurred a number of federal student loans, the problems of managing the loans can be a problem for some people. As a result many wise student borrowers may opt to consolidate federal student loans in order to better manage their finances and save money.

Once a student has decided to consolidate their federal student loans, there are conditions that must be before they can qualify. First is that they should have more than one federal student loan. Next is that students should be in good standing with each of their existing loan accounts. This means they are either in their six-month grace period or they have already made three monthly repayments for each of the existing loans.

Under the wing of a federal student loan, there are also distinct differences between a subsidized and unsubsidized federal student loan. Although they can still be merged into one loan account, iIt is important to know the type of loans you have before you apply to consolidate your federal student loans.

It is obviously very important for the student to do their research prior to applying to consolidate their student loans. Only then will the student be able to make an informed decision. In many cases a student loan consolidation will save you money and reduce the stress of student loan repayment. Federal student loan consolidation is a wise investment in the future.



By: Jim Kesel

About the Author:

ericacastanon81 asked:


I have a series of student loans – a few from Direct Loan Servicing Center, Nelnet and Sallie Mae. How can I get these consolidated with the best rate and are there any cash back perks or other incentives for consolidating these loans?