Blog Detail
Sallie Mae College Answer Blog
http://blog.salliemae.com/
Sallie Mae is the nation's leading provider of student loans and administrator of college savings plans. Read the latest tips on saving and preparing for college.
- Added on: May 19th, 2009
- Country: United States
- Language: English
- Author: Sallie Mae
- Listed in: Education Personal
- Tags: student loans college advice scholarships private loans planning for college
Recent Posts
College Applications: Reusing Essays
By now, most high school seniors should have started their college application essays, hopefully with outlines and rough drafts completed. If not, it's time to start brainstorming! Besides the main essay, there's usually a few specific ques...
College Applications: Rank Your Activities & Jobs
Right about now many high school seniors are filling out a stack of college applications. So from now until the end of the year, I'm going to try and focus on helpful application tips to make the next few weeks as bearable as possible!A huge par...
Entering Repayment
Many of you who graduated in May 2009 are now entering the repayment stage of your federal student loan. While often dreaded, there are different tools and plans available to make paying off your student loan affordable, simplified, and will minimize...
Electronic and Rented Textbooks
You may know how you're going to pay your tuition, but you're not out of the woods yet! According to The College Board, students spend an average of $1,000 a year on books and supplies, making this a huge expense! Could e-textbooks cut down...
Reciprocity Agreements For the Neighborly
Did you know you may be able to avoid out-of-state tuition rates in a neighboring state through the goodwill program known as reciprocity agreements? These pacts between states offer each other's residents discounted or in-state tuition rates! The We...
First in Your Family To Attend College?
For any student, getting into college involves a lot of preparation and work — standardized tests, letters of recommendation, admissions forms, financial aid, and so on. If you are a "first-in-my-family" student, preparing for college cou...
I just spent more than an hour on the phone with SM. When I asked to speak to a manager they passed me to another operator in the Indian call center – after an hour I got through to an English speaking rep "Carrie". She was in the US call center (she said), apologized for the way I was treated, and gave me an extension to call the “US Call Center”, … The extension 11328 didn’t go anywhere; dead end!
So, beware!
Their DAILY INTEREST RATE is off the charts – the more we paid, the more interest they charged! We were paying an extra $50 per month - less than half of that went towards the principle! One $140 payment in 2008 a whooping $114 went towards interest! Another $140 payment in 2008 $59 went to principle (our regular payment was $95). I NEVER received an acceptable answer on how they can charge more interest, the more you pay. The whole outfit is a scam – beware! On $10,000 the interest varied between $1.50-2.90 PER DAY! You figure it out! Regular payment of $95/month x 12 months = $1,140. $2.00 per day interest x 365 = $730! In 2008 they actually took $812 in interest! So, if we continued to pay the principle down by say $450 per year it will take 22 years to pay off a $10,000 loan. Total payout of $25,000. Give me a car loan!
Posted: October 27th, 2009 | Report This Comment