September 20, 2015
Hi Forum members,
My wife and I both have Navient (sallie mae) loans. We have a small condo which we are considering selling. We will probably net 20 – 30,000 from the sale, some of which will go to paying off other bills/expenses. What does Navient think about whether we have a financial windfall? Are our loan repayments solely based on our monthly salaries? Thanks.
May 3, 2014
It really depends upon what repayment plan you are on. Most student loan payments are based upon your total balance, interest rate, and how long you have to pay the loan back, similar to a car payment or a mortgage. An exception would be if you have federal loans and are on the income based repayment plan or pay as you earn.
Do you know what repayment plan you are on?
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