How can I pay off Sallie Mae loan ?

Question

I have a loan for college thru sallie mae that I had no idea what my payments would be like. I currently pay about $600 a month when I only borrowed $20,000 and by the time I pay off the loan , it will be over $100,000. They will not lower my interest rate and was told that I can not file for bankruptcy Someone please point me in the right direction?

Answer 1

Earn more, send more.



By the way, I borrowed $10,000 at 7%. Even if I had taken the full 10 years to pay it back at $115/month, I would only have paid $14,000. $20,000 at 7% for 10 years would only total $28,000.



I have asolutely no idea how you expect the loan to quintuple.

Answer 2

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