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Sallie Mae Loan

November 24th, 2012 at 03:50 am

If you are lucky enough not to have a private student loan with Sallie Mae then cunt yourself amongst the lucky ones! I have a student loan that I took out with my ex as the student. We've had this loan since 2001 and have been making payments.

Unfortunately when you begin making payments, which occurs as soon as you receive the monies, it's NOT applied to the principal. We were not aware of this and so have been making payments for a total of eleven years. The payments are being applied to the principal at this point but there is only $9,530 left to pay from the original $15,950.

Private student loans are extremely difficult to attain a forebearance or deferment if it is even offered for it.

I was fortunate to actually attain a small deferrment for a short time. But I still have almost $10,000 worth of debt for this loan alone.

At this point I will not deplete my savings just to be debt free, meaning that I will not payoff the loan with all my savings. I don't believe that would be a smart move because then I wouldn't have anything in my emergency fund and if there isn't any then I wouldn't have a buffer in case something happens.

So I'm going to pay half of it off when I get back to the states but I'll still make the same payments which means that I should pay it off in a little over two years.

This is actually one of the largest monthly payments that I make, approximately $200/mo. Once I get rid of this payment for good then I can actually breath even better.

So my plan is to actually be rid of this debt in less then three years after I get back home next year.

I really am excited to get back home, because I can then I can really get my debt free plan really going!

2 Responses to “Sallie Mae Loan”

  1. FrugalTexan75 Says:
    1353812242

    Was this a loan for you or for your ex??

  2. Sian Says:
    1353873531

    The loan is in my name but the ex is listed as a student on the loan so technically this loan is for him.

    But since I signed for the loan then I'm the one that's responsible for it. I've already come to terms with this a while back. I'll pay it off by Nov 2014 if not sooner than that. If I just make regular payments on it, I won't pay it off til 2023. I think taking off nine years is doing just grand!! =P

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