Do I really need to repay my student loan to Sallie Mae?

Sandwich

I took out a loan with Sallie Mae in 2007 while they were still operating in the UK. Thing is, in 2008 they pulled out of the UK and cancelled my 2nd and 3rd loan installments.

What I was wondering was: do I have to repay my inital £7000 loan now that they no longer operate in the UK?

The reason why I need to know is because I thought it might be a good idea to take out a Career Development Loan and use it to repay my Sallie Mae loan because the interest on a CDL is much less than on an SM loan. Is this a good idea?

Thanks,

Sandwich.

Sandwich

ttt ttt ttt

melancholly

don't know anything about them but their website indicates that you still need to pay back the loan:

http://www.salliemae.co.uk/faq.asp

they have an email address so you could contact them directly to check details...

morg_monster

on that website it says that the interest rate is basically libor; so at the moment it is 1.625% - can you really get a CDL with a lower interest rate than that at the moment?! (i appreciate in the future the libor may go up again so then a fixed rate may be good)

Sandwich

Thanks for the info morg monster.

Alyxx

I'm pretty sure you do. It's "okay" for others to run away with your money, but when you have others' money, they'll always come back

Voyager2002

Why not email and ask them? Suggest that since they no longer operate in the UK, they have no further use for British pounds, and offer a nice Christmas card instead.