EXCITED!!!

[Deleted]

In an attempt to save money I called my SL providers to see if they could lower my interest rates... AND THEY DID! from 5.6% to 2.3%. YATZEE!

[hannamarin]

Thats great.

[Deleted]

Jul 6, 2012 20:03:01 GMT -5 farmvillelover said:

Wow, that's awesome. Who was your lender?

sallie mae

[stretchad]

Tight!

How did you ask? "Hi, I'm trying to save money. can you lower my rate?"

Is that all it took or did you have to be a little more suave than that?

[krystee]

Wow! I thought federally insured loans never negotiated because, since they're federally insured, they know they're getting their money back. Very cool!

[yellowbrkrd]

Jul 6, 2012 21:06:56 GMT -5 @kande818 said:

Jul 6, 2012 20:03:01 GMT -5 farmvillelover said:

Wow, that's awesome. Who was your lender?

sallie mae

Say wha?! I need to make a phone call.

[pugz]

Private loan?

[heygrey]

how?!

i tried to get them to lower my rate and they wouldn't. maybe i need to try again.

[mbcdefg]

Great!

I'm also very interested in hearing how you negotiated this, if you're willing to share.

[treedimensional]

That's fantastic! Good job!

[Deleted]

Its a private loan. I have been making regular payments (over the minimum) for the past 7 years with no delinquencies. I had my credit score from when I graduated college (580--embarrassing) and my new credit score (690--better but not where I want it), and asked if there was a better interest rate for a few of my shorter term loans. The first girl said no. I asked to talk to someone else.

3 people later, I got a loan counselor that told me about different programs that can lower your interest rates. I qualified for one program that would lower my interest rates for 24 months. Luckily for me, I loan will be repaid by the end of the term, so I don't have to worry about trying to renegotiate at the end of the term.

[chessie]

Jul 6, 2012 21:13:24 GMT -5 yellowbrkrd said:

Jul 6, 2012 21:06:56 GMT -5 @kande818 said:

sallie mae

Say wha?! I need to make a phone call.

WOW! I am very surprised..they are usually one of our loans which is the worst to deal with.

[Deleted]

Jul 7, 2012 11:49:19 GMT -5 chessie said:

Jul 6, 2012 21:13:24 GMT -5 yellowbrkrd said:

Say wha?! I need to make a phone call.

WOW! I am very surprised..they are usually one of our loans which is the worst to deal with.

Dont get me wrong... they're Satan's spawn. It was not easy.

[Deleted]

Jul 7, 2012 12:20:49 GMT -5 farmvillelover said:

This is really good to know. I have friends that can really benefit from this. Was your loan variable or fixed? What was the balance if you don't mind sharing?

It was a variable loan. I owe about $8,600 on the loan.

[mayflowers22]

That's great!

[msn06]

Did you change the length of the term at all when you lowered the interest rates?

[Deleted]

Jul 7, 2012 13:22:43 GMT -5 msn06 said:

Did you change the length of the term at all when you lowered the interest rates?

No. It was a 10 year term. The lowered interest rate is for 24 months. For the past 7 years I've paid over the minimum so I could pay it off faster. I'll still pay off the loan early, but save quite a bit on the monthly payments I've been paying.