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Sallie Mae Rate Reduction Program
February 12, 2019
3:31 pm
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February 12, 2019
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I currently have 4 private student loans with Sallie Mae totaling about $120,000. I’ve been in contact with them about entering a rate reduction program and gave them my current financial information. Since I have my dad and grandfather as co-signers on the loans sallie Mae said they would require financial statements and would need to pull their credit which I thought was really unusual. I explained to Sallie Mae that do not have the means to help me out at all but they don’t seem to care. I also explained that English is neither of their first languages and that it would be easier to speak with my mom. When she called to provide the information they said they would only speak to the co-signers. It’s been very frustrating and stressful as Sallie Mae have made everything more difficult than I feel it should be. I am currently enrolled in the graduated repayment program but still pay $1,200 a month. It’s abdolutely insane. I currently live abroad in England and have done for the past year and a half. I work full time but only earn the equivalent of $26,000 a year. I can barely get by at the moment and am lucky to have support from my partner. I’m not sure how or if even could ever pay off my loans with Sallie Mae. It’s affected my everyday life and I’ve gotten to a point where I don’t know what to do anymore. Please if you have any advice or guidance it’d be greatly appreciated.

February 12, 2019
3:57 pm
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That is definitely a difficult situation. I do have a couple ideas that might help.

First, you should understand that the rate reduction program is not guaranteed under your loan terms. Sallie Mae will only do it if they think it is in their best interests. Having a cosigner will make getting on the program more difficult.

That being said, their unwillingness to speak to a non-English speaking cosigner is very troubling. On this point, it would seem to me that Sallie Mae is clearly in the wrong, especially when you have offered translation through your mother.

This article highlights some help within Sallie Mae and the government that may help you out: https://studentloansherpa.com/resolving-complaints-navient-sallie-mae/ (I think filing a complaint with the CFPB based upon their unwillingness to accommodate language issues would be especially effective)

You’ve got an uphill battle here, but we wish you the best. Hopefully you can make some progress. Keep us posted!

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