Hey guys and gals,
I applied for a sallie Mae loan for the zero time program ($89k)
I had no co-signer and was finally approved after applying a few times on my own.
I got the approval email tonight…I was so pumped! Pumped until I logged in to sallie Mae to finalize my loan terms
Guys? Am I missing something here?
Am I really paying a total of $220K for an $89k student loan?!?!
I own a home, I understand mortgage interest, I don’t mean to sound ignorant…this is insane
Here’s a screenshot of the loan options they want to bend me over with
Look at the interest rate, it’s probably 2 or 3 times your mortgage rate. Unsecured loans don’t come cheap. Keep in mind that figure is if you take the entire 15yrs to pay it off. Most are able to whittle it down considerably quicker. Many also refi with a HELOC or 2nd mortgage.
We have no idea what your credit score is or your financial background. You have to remember that this is an unsecured loan and that you do not have a co-signer. You are of course free to pursue financing through other lenders.
Yea it’s More than 3 times my mortgage interest rate haha…I have 775 credit score with all 3 credit bureaus. I may just have to pursue a HELOC which would work out to be WAY less money wasted on interest in the end.
