I need to lower my student loan! Please help!?

Hello I am Herold Whitney I live in ALABAMA USA I saw your question and I decide to give you advise because is not easy getting a loan online there are scam who pretend to be lender but they are not,some time a go I needed money to buy a car and I decide to apply online but just can found one but someone answer my question on yahoo answer and directed me to corporatefinanceloan@yahoo.com then I decide to give them a try to my greatest surprise I was give the loan with 4% interest rate and monthly installation repayment,I will advise you contact them now and smile home.

You need to change your living expenses so you can make the loan payment. Get a roommate, move back in with your family, get a job as a nanny or housekeeper where room and board are part of your pay.

Even though it will suck to live like that, the longer you take to pay off that loan the more you will have to pay. The interest is accumulating all the time, so deferring it will just leave the problem for another day. You need to pay on it as fast as possible and get rid of it!

I looked up Sallie Mae and how to pay it back.

This is a direct quote from one site I found.

You may be able to deduct the interest you pay on a qualified student loan. Consult your financial advisor for more information or visit http://www.irs.gov/pub/irs-pdf/p970.pdf.

Do you have a financial advisor. Have you talked with the college or university student finanical aid office of the college or university you went to? This is the first step to take. Call up the financial aid office and explain your situation. See what they say.

I also found the following:

SALLIE MAE RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS, SERVICES AND BORROWER BENEFITS (INCLUDING INTEREST RATE REDUCTIONS) AT ANY TIME WITHOUT NOTICE. APPLICANTS SHOULD CHECK THE SALLIE MAE WEBSITE (SALLIEMAE.COM) CLOSE TO THEIR LOAN APPLICATION DATE AND AGAIN PRIOR TO DISBURSEMENT TO OBTAIN THE MOST UP-TO-DATE INFORMATION REGARDING PRODUCTS, SERVICES AND BORROWER BENEFITS.

I went to this site :

//http://salliemae.com/

I clicked on the Postponing payments link: http://salliemae.com/after_graduation/manage_your_...

This page says you are responsible for repaying your loan. There are links to suggestions such as defering payment if necessary. This means putting off paying the loan. However this deferment is within a certain time frame that you agree on with Sallie Mae. I see you have already been defered as long as possible.

You really should talk with the financial officer of the institution you attended.

Meanwhile make as many on line applications for employment as you can. This will save on gas and get you serious employers only.

Sallie Mae should be based on income. Are they aware there is a change in your income? I found this link that may help you get the loan readjusted for now:http://www.salliemae.com/after_graduation/manage_y... However remember to get it payed off as soon as possible. When your income gets better then pay it off ahead of time when possible.

PS. I wonder if you put up a web site where people could make contributions to you for your loan if that would work? Like using paypal? Just a thought.

Consolidation might enable you to advance your reimbursement term as much as 30 years, which might decrease your month-to-month fee. keep in mind, however, that in case you pay merely the minimum each month, you will finally end up paying greater interest over the existence of your individual loan (merely like a credit card). that's clever to pay a sprint greater advantageous each month, as quickly as you may handle to pay for to.

http://studentaid.ed.gov/PORTALSWebApp/students/en...

Income Based Repayment