Has anyone had success with Sallie Mae and getting them to lower your interest rate (at least temporarily) as part of a reduction plan?
I either get told that it doesn’t exist or that I’m unable to talk to the department that handles that because I’ve made my payments.
I only make my payments because I ask to borrow money from my parents because I’m terrified of not making the payments.
I’m drowning financially.
May 3, 2014
One issue that people sometimes have is if they have a cosigner on the loan. Having a cosigner will require make thing more difficult, but not impossible.
Also, it is worth noting that this program only applies to private loans. If it is a federal loan, you will want to get signed up for an income driven repayment plan.
Have you asked to talk to the collections department? In my experience, they are the people who are most knowledgeable about the rate reduction program.
I am having the same problem. You may only talk to collections if you are not making your monthly payments on the loan. Basically – they told me I have to stop paying them before I can speak to the collection department about a rate reduction plan.
Anyone figured out a way around this? I do not want to stop making payments.
I’m actually on the Rate Reduction plan. I went to Full Sail University and took out 3 loans with Sallie Mae. I had to stop paying Navient for 6 months, which they reported to the credit bureaus as me defaulting on my loans, and then they offered the plan to me. I’ve been on the plan for 2 years, but they’ve already told me I cannot apply for a third, and I can’t afford the normal amount I have to pay back. I also have a cosigner, and I had to really fight them to not take my cosigner’s financials into account so I could even be on the plan for a second year. Also, even if you get on the Rate Reduction Plan, they consider it a “concession”, not a different repayment plan, so being on the plan does not count towards being able to take your cosigner off the loan. Now, because I’m on this plan, every other lender sees that I once defaulted and flat out reject any application for a refinance loan.
In short, the Rate Reduction Plan is for when you’ve stopped making payments, which is not the best solution. Unfortunately, I have no suggestions on how to get around it.
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