How do I pay off my student loan?
March 30, 2005 12:26 PM Subscribe
I owe around $18,000 to Sallie Mae
in student loans. I live in the UK. And, now, Sallie Mae has decided to not accept credit cards...
posted by Katemonkey to Work & Money (6 answers total) 1 user marked this as a favorite
Because, you see, for the past five years, what I've been able to do is call up Sallie Mae each month and pay the monthly bill by credit card. It was a pain, but it worked. I didn't have to have a US bank account, I didn't have to worry about money orders being mailed overseas, I certainly didn't have to worry about the surcharges that came with transferring money, and with the exchange rate as it is, it wasn't half bad.
Except that, now, they don't accept credit cards. Which means that my entire system has gone down the toilet. They say it costs too much for them to accept credit cards, but I'm not quite certain how that works out — since they've just made it near-impossible for people who live overseas to pay their loans off. Thanks, guys.
We think what we're going to do is take out a loan over here, pop it into our bank account, and then pay off Sallie Mae all at once with an electronic transfer. It sucks, and it's definitely not what I would want to do, but the exchange rate is still pretty good.
But does anyone else have any other ideas? Or suggestions for loan companies in the UK that aren't going to break our legs with interest rates and/or hired goons?