any probs with sallie mae private loans

Nursing Students General Students


I willl have to take out private loans and want to know if anyone has had any probs with them, after a few years of paying back..I have heard nothing but horror stories about how they change payment terms and other crazy things

My school doesnt deal with federal loans so I might have to take out at least 50,000 in private loans, because I wont be able to keep my job and Im single..Has anyone taken out that much in loans.Im so nervous to have so much debt.Any advice

Specializes in Critical Care, Postpartum.

I had a Sallie Mae loan from my first degree. I hated them because all of a sudden my interest rate sky-rocketed. When I called customer service about it, I won't ever forget the guy who told me "that with these rates, you'll never pay off the debt." :eek:

Also, I won't be working during my ABSN program and definitely won't be taking out that much in loans. I am also single, but do have a bit of savings to help with my rent, etc...

Specializes in Med/Surg, Ortho, ASC.

May I ask: why doesn't your school "deal with" Federal loans?

Are you locked into this school or do you have other options?

Honestly, that's a huge debt load to take on. No matter who you get it from, it's going to be very hard to pay it back.

Is there any way you can go to a school that DOES accept federal funding? If you're single and not working, they would probably pay for nearly everything.

Other options to consider are: getting your CNA and working part-time (I know it's not easy, but it can be done), postponing school a year or two while living like a pauper and saving every penny, going to school for a year to get your LPN and then working toward your RN part-time while working a job, or going to school part-time while working.

My first choice, personally, would be to find a different school...

Specializes in Home Care.

I'm raising red flags over any school that doesn't participate in the federal student loan program.

Find another school. $50k is way to expensive anyway.

The payments are going to kill you.

Specializes in Nephrology, Cardiology, ER, ICU.

I have used Sallie Mae for school loans since 1992 and have had no problems. I currently have loans with them for my BSN and MSN - and have had no problems.

Specializes in ER.

I had one. Paid it off a few years later, but there were no changes. No hidden fees, etc. It was all on the up and up.

Specializes in Neuro, Neuro ICU.

what school will you be going to, that doesnt deal with federal loans?

The only problem i have with sallie mae is getting my deferrment set back up after i dropped below half time for 1 semester wihle waiting to start nursing classes.

I think that sallie mae now requires you to pay the interest while you are in school.

I'd rate my satisfaction with them a 6.5/10 because I sent their customer service 3 emails and never heard back. I ended up calling in, and kind of got the run around.

Chase & Citi have private loans i think also. maybe you could check them out.

Specializes in Case mgmt., rehab, (CRRN), LTC & psych.

I borrowed nearly $20,000 from Sallie Mae back in late 2004 to attend a private LVN program at a careeer college. It started out with a 7 percent variable interest rate, but my monthly payments jumped in 2007 when the rate spiked to 10 percent without any warning. I ended up paying off the entire loan that year so as to not deal with it any further.

May I ask: why doesn't your school "deal with" Federal loans?

Are you locked into this school or do you have other options?

The school is a community college in Seattle.They have a bunch of schools that dont participate in the federal loan program.Here is an article that explains it..

Credit crunch puts some student loans in jeopardy

It's really very scary.I dont know what to do.

Specializes in Community Health.

Another school that doesn't participate in federal loans is Excelsior, simply because it's a distance learning program and there's no set time frame for completing it. So it doesn't necessarily mean it's a rogue institution.

My only experience with Sally Mae is that they rejected me with a credit score of 800. This was in the middle of the market crash though, so I suspect that had something to do with it. I have heard horror stories about private student loans as well so be careful...have you talked to financial aid? They should be able to point you in the right direction.

i went to finaid and since I couldnt get any grants or Perkins loan,all they did was tell me to check out Wells Fargo and Sallie Mae

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