Jan. 27, 2011
-- So you're out of college & you don't know what to do with your Sallie Mae student loan? My advice is plan, plan & plan some more.
Upon your graduation date you are given 6 months leeway before Sallie Mae starts harping you for payments. Use this time to save up as much money as you can & start paying during these six months, so that your monthly payments are manageable when Sallie Mae comes calling.
Assuming you failed to pay on the interest while you were in college it has been added to your overall loan total, meaning if you took a loan for $5,000 you may have to pay $6,000 due to the interest accumulated. So, if you can, make every attempt to pay off the interest added to your overall loan amount.
Then once the six month grace period is over Sallie Mae will start harping you for payments. But be forewarned, because Sallie Mae demands payments on the 1st of each month you may not actually receive all six months of your grace period, you may get 5 months & a week. The best advice I can give any one who is paying off a Sallie Mae loan is to pay twice what the monthly payment is. If you're asked to pay $100 a month, pay $200 a month. This will not only bring down the total of the loan quicker but it will also negate any accumulated interest that has yet to be added to the overall loan total.
For more information regarding how to go about dealing with repaying Sallie Mae please visit http://studentloandebtsolution.com/loan-companies/sallie-...
where you will find many helpful hints.
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