Student loans are one of the easiest ways to finish and pay for your college education. There are hundreds upon hundreds of banks and other financial lending institutions that have programs for students who need money to finish schooling. However, one of the most popular student loan providers is the Sallie Mae Company. What has made Sallie Mae loans so popular is because the company offers plenty of ways for students to refinance, tailor, and manage their payments for the student loans, making it easier for the students to rid themselves of educational debt.
Make an account. First of all, you need to have your own personal account in Sallie Mae’s website. If you have gotten your Sallie Mae loan from an office, your account will be available online only after you have verified your information. Usually you will be asked about your address, contact details, your name, and you telephone number. Once you have verified your account, the next step is to press the “Manage your loans” button.
Payments. When you click the “Manage your loans” button, you will be redirected to a page where you can find your outstanding balance. Here, you also have the option of changing your payment details. Do this by pressing the “Change your payment plan” button. You will have the option to then increase or lower how much you pay for the student loans.
Eligibility. For the changes to take effect, however, you should be eligible for the changes in repayment. Do this by clicking on the “Check eligibility” button that is found on top of the repayment options page. When you check for your eligibility on how Sallie Mae loans, you will need to enter additional information, such as the present monthly payments that you have, your present monthly income, and the time when your student loans were released from Sallie Mae.
Using the online calculator. If you are eligible for payment changes, you can then choose to increase or to decrease your monthly payment. Naturally, increasing your monthly payment means that you will finish paying off your debt at a faster time. Decreasing your monthly payment, on the other hand, means that the time for paying your student loans will increase. You will need to weigh the pros and cons of increasing and decreasing your monthly payments. For example, if you have landed a job that pays well, you can afford to shorten the time where you are locked in to the program by adding more to your monthly payment. On the other hand, if are on a starter job, it may be best to minimize the monthly payments.
Submit. Once you have determined the monthly payments that suit you best, be sure to press the “Submit” button to finalize your decision.
You can also call the Sallie Mae hotline if you prefer to talk to a customer service representative who will guide you through the process of refinancing your Sallie Mae loan. You can even send mail to the Sallie Mae business office, although this will take longer to process because of delivery time.