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Debt Relief – Insolvency – Bankruptcy Information » Student Loan Help » Did I know my student loan interest when I signed?

Did I know my student loan interest when I signed?

I have a large sum of private loans. $34,000 total spread between 4 loans. The interest balances out to about 12%. I have researched ways to refinance or consolidate or make my monthly payment of $404 more manageable just about daily since leaving school.

I recently called Sallie Mae to request a copy of my Promissory note and disclosure. They sent me the applications I signed for each loan. It simply had the personal information I listed and the total amount. It had no interest rate or terms attached. I called and asked for a copy of the terms of the loan and they put me on hold before seemingly hanging up.

I actually managed to find my promissory note and it had quite a few policies and terms listed. Nowhere however did it list my interest rate. Where would the interest rates which are as high as 14.25% on two of the loans have been listed?

I’m pretty much out of ideas. Almost no one is offering private consolidation right now. I’m making my payments comfortably, but paying $330/month in interest to that ridiculous company is not going to fly. Help?
If anyone has any ideas to help with my situation aside from answering my actual question, it would be greatly appreciated. Thanks in advance.
Yes it is a private signature student loan

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One Response to "Did I know my student loan interest when I signed?"

  1. beut_els_guese says:
    The interest rates would have been given to you in the disclosure documents when you applied for the loan.

    If you have interest rates as high as 14.25% you may have had a private student loan with Sallie Mae – those are usually much higher than subsidized and unsubsidized loans and they are a variable interest rate loan.

    Unfortunately, most students get loans not comprehending that when they have to pay them back, the interest is going to be pretty astounding.

    Wish I had a suggestion for you.

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