I wish this story had been here BEFORE I racked up a ton of debt with Sallie Mae.

pockygt, I second that!

Is it possible to get another company to take over my Sallie Mae loan? If so, how does one go about getting that done? I just started paying it off a few months ago. It's about $18K.

Sallie Mae really scares me, after all the stories I've read on here....

That's what I do! Just stick a little donation box in the living room.
But it isn't exactly for collage........

joyflop,

Is the Sallie Mae loan you have a federal loan through them, or a private education loan (they offer both, if I recall correctly). If it is a federal loan, you can consolidate (or sometimes "reconsolidate") through a different provider. If it's a private educational loan, only a few banks will "consolidate" private loans, so I'd check the websites of college loan providers.

The problem with having your student loans with a company you have other business with is this: If you miss a student loan payment, they can seize funds from your accounts, or even foreclose on your car. I have seen this "offset" numerous times. Although unlikely, a bank may have the right [depending on state law] to foreclose on a secured asset to offset a delinquency on another account with zero warning.

Just something to think about. Don't put your eggs all in one basket!

if you live in pennsylvania (or are going to school there), AES/PHEAA are excellent organizations for student loans. in pa, the lending is provided on the state level as opposed to other states (like connecticut) that provide state funding to schools individually. all my loans are now consolidated under AES at less than 3%.

seeming how a college education can easily set a kid back 6-digits these days, it would be nice if political powerhouses like the national governor's association would start pooling information on their respective state programs to create a more accessible funding system.

ideally, any student with the desire & motivation to attend a school should never be denied based on funds.

I actually consolidated my undergrad loans with AES (I'm from Missouri) and I have an interest rate that's almost four points below what other lenders are offering. GO PA!!

@joyflop: I graduated 5 years ago and was inundated with consolidation offers. I signed up for a 20 year at 3.25% cause I couldn't afford a 10 year at the time through Citibank (www.studentloan.com) and they were offering the lowest percentage rate.

Thanks everyone! I don't have my paperwork in front of me, but I've already consolidated it with Sallie Mae, because I wasn't sure I could trust any of the offers that I was getting from other people. I'm hoping it's possible to re-consolidate with someone else. I really have to get to researching this!

Dude Busted For Running An Illegal Bank For Tax Evaders From His Suburban Home Today’s lesson: don’t give your money to someone you don’t know who runs a “bank” out of his house. Oh, and you’ll get caught if you try evading taxes.