Sallie Mae
Cosigner credit ignored for 9.25 percent loan rate

I used Sallie Mae because they had a huge variety of schools that they would go through, but after applying for a student loan with my dad as the cosigner and being approved for a loan with a 9.25% interest rate I was upset. My dad has almost perfect credit and when we talked to them they said that the APR goes off of the student and the cosigner has no impact on the APR. How does that even make sense? After I got over that, I have recently graduated and now my loan is in repayment. The payments are $312/month for 5 years so I called to extend my repayment plan and lower my payment, but the loan that I was approved for does not allow for me to do that! They are a total rip off! You can go to a bank and get a much lower interest rate. Stay away from Sallie Mae! I am going to a bank to get a loan and paying them off and being done with them ASAP!

Company: Sallie Mae
Country: USA

  <     >