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.
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