Home Buying in Sugar Land>Question Details

ashgal85, Home Buyer in Katy, TX

Student Loan deferment question

Asked by ashgal85, Katy, TX Sat Mar 9, 2013

My student loans will not be in deferment 12 months after closing, so my LO needs an estimated monthly payment from them. I've asked 2 times over 2 weeks and she said Sallie mae has not given them the info. How long does this usually take? Is this something I can do on my own or will it require the LO to be the one to get estimated payments? 2 years ago before I went back to school I was paying on them and my payments were like $100 for a $50,000 loan, now I hear that if the underwriter cant get anything in writing about monthly payments then they will use 2% of the balance...which is extremely high. Can anyone give me some good adivce.

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I have yet to hear of a single case where a Student could not get an estimated payment, in most cases SallieMae offers a couple of repayment options. Every loan has an interest rate and a term. Find out what the terms are and it will be a simple math equation. If you are unable to find out what terms you agreed to when you signed on the dotted line, then consider yourself lucky, I have seen UTRs hit a borrower with 5%.
0 votes Thank Flag Link Sun Mar 10, 2013
You need to step in and call to get the information sent to the loan officer in writing
0 votes Thank Flag Link Sun Mar 10, 2013
You can get the information from SallieMae and give it to your loan officer. Typically, the information presented on Sallie Mae's letterhead will suffice, but double check with your loan officer.
0 votes Thank Flag Link Sat Mar 9, 2013
Do I get this info from sallie mae or does my loan officer do this?
0 votes Thank Flag Link Sat Mar 9, 2013
Ashgal,

Unfortunately, this information will have to come from SallieMae as the underwriter is basing the loan decision on your debt ratio which is affected by your student loan payments.

The best thing you can do is to stay on SallieMae.

Good luck!

Regards,

Matthew
0 votes Thank Flag Link Sat Mar 9, 2013
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