Can you negotiate a Sallie Mae loan?

Settling student loan debt with Sallie Mae can be done on your own, but I would not recommend it. A debt settlement is a negotiation that the loan borrower agrees to pay back a (usually significantly) smaller portion of the total loan amount due to the lender who owns the loan.

Can I ask Sallie Mae to lower my interest rate?

You can cut down on interest charges and save money by making even small in-school payments. Besides deferment, Sallie Mae has two in-school repayment options, including: Fixed repayment: Submit a set amount each month. Interest repayment: Cover the accrued interest each month.

Can I settle my student loans for less?

Student loan settlement is possible, but you’re at the mercy of your lender to accept less than you owe. Don’t expect to negotiate a settlement unless: Your loans are in or near default. Your loan holder would make more money by settling than by pursuing the debt.

Why is my interest rate so high Sallie Mae?

A variable interest rate may go up or down due to an increase or decrease to the loan’s index. Variable interest rates usually start out lower than fixed rates, but can change, so your monthly student loan payments may vary over time.

Does settling student loan debt hurt your credit?

Will settling student loans hurt your credit score? Settling your student loan debt is likely to hurt your credit score. For one, lenders report loan default to the credit bureaus, and you must usually be in default to initiate a settlement agreement.

Why did my Sallie Mae interest rate decrease?

Helping a borrower who fell behind on his Sallie Mae payments lead to an unlikely discovery: Sallie Mae will lower interest rates for some borrowers. Borrowers who have stronger finances, such as a decent income and credit score, will likely do better if they refinance their student loans with another lender.