Quote:
Originally Posted by dueceb099
I have a 2 private student loan through sallie mae totaling 60k. im paying 600 a month...for the next 20+ years. one loan is 5%, while the other is 10%.
What is the best way to get rid of this? I havent found any loan deferment programs for a private loans. Ive heard of people consolidating their student loans into their mortgage when purchasing a home.
Any advice would be greatly appreciated! thanks
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You are so out of luck. The only way to get rid of it is pay it. These days, rolling student loans into a mortgage is not going to happen. In the past, a home equity loan may have also been possible, but you're not going to get one without 20 percent equity. I'm assuming if you had a large amount of cash you'd pay Sallie first. So, basically you need to increase your income and/or decrease your expenses. Could you get roommates, take public transit, etc?
In addition to decreasing your expenses, try paying a partial amount every pay period. Two payments per month will help eat at the principal and accrued interest faster. If you get a bonus or a tax refund, pay Sallie! Throw any extra money you can at the 10 percent loan first!
I too had student loans from graduate school, including a Sallie loan. I HATE Sallie Mae, and I decided I was not going to pay on the loan for years. DH and I lived below our means to get those loans paid off! I did it in just under three years, instead of 10-15, and I almost cried tears of joy when I made that last payment.
I know it feels overwhelming at first, but it will get better. You can either make sacrifices now to eat away at the debt, or you can deal with it for 20 years. Just think, if you pay $1k per month, you will be student-loan free in 5years! Luckily, right now cheap is chic
Hang in there, and remember, you have a great education (I hope
) and over the course of your career, you degree will have been worth it!