I am currently looking for a way to lower my monthly payments. They are $816/month and that is more than I make in a paycheck as an accountant. Since my income is around $24,000 per year, these payments are just to high at this time. My loans are smart option loans with Sallie Mae, and they basically tell me there is nothing they can do. I have a 1 month forbearance while I try to sort things out. I don’t know if I can refinance or some how extend the payment time of my loan. I’m currently trying to change jobs to one that will allow me to have a pay increase that would help dramatically. I have $54,000 in loans and want to pay them off, but I have to have a payment that is actually possible. I will make any payments that I am able to afford, but I have to able to afford them. Do you know of any refinancing programs that I would qualify for or any steps that I can take to help get my loans back on track.
May 3, 2014
It sounds like you have private loans. If that is the case, there is very little that can be done to get lower payments.
The one bit of good news is that Sallie Mae does have a program that helps borrowers who are in situations like yours. The downside is that it is completely at their discretion and there is no guarantee that you will be able to do it. It is called their rate reduction program, and you can read more about it here: https://studentloansherpa.com/step-step-guide-lowering-sallie-mae-interest-rate-payments/
As for refinancing programs, it might be worth your time to check out some of the companies in our review page, but the problem is that these services are not need based, but rather credit an income based. Borrowers who are truly struggling often don’t get much help.
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