Help with student loan please?

Sallie May Smart Option Student Loan. Please Help!?

• I'll try to be quick. I originally had a $7,000 loan with 9.75 + LIBOR. The loan was a 7.1 year term and the total cost of the loan added up to $9,928. My financial Aid Dept changed the term of the loan by 29 days, literally. I had July 10 - March 11, it was changed to July 10 - Feb 11. Now because of this change Sallie May modified the loan. Now my modified loan is: 9.75 +LIBOR and an 8.3 year term. Total cost of the loan is now $10,865. I called and was sent in circles about this, they cannot help me (seriously, I hate them). All they say is if I don't like it, don't sign it. The bottom of both loans say "If you pay the loan off early, you will not have to pay a penalty. You will not be entitled to a refund of part of the finance charge." My Question is: They have the same interest rate, so let's assume I pay my new loan (8.3 yrs) off in 7.1 yrs (like the one I had first). If I paid off the loan following the payment schedule of the first loan would I end up paying the same amount? That makes sense to me since they are the same interest rate but I am confused. I am able to pay as much as i want each month so it would be possible. So, again, lets say I pay my 8.3 yr loan off in 7.1 yrs, will I end up paying $9,928? Because if that is the case I will accept this loan knowing I will pay it off following the schedule of my first loan offer. It seems like it would be the same since the rates are the same but I have no idea how this stuff works. Also I have no idea if the fine print on the bottom about refunding finance charges will affect this as well. Thanks!! I need help!

• Answer:

  I can't believe all of the spam type responses that you are getting from your question. Concerning your question, the Smart Loan option is very new. That may be why no one seems to be able to answer your question at Sallie Mae. I have student loans with them as well. Did you talk to a manager at all? Article about this new type of loan - http://www.newsherald.com/news/offers-85069-haven-option.html More info from their website - http://www.salliemae.com/get_student_loan/special_programs/Smart_option_SallieMae_Partner.htm?DTD_CELL=SMSCSOSCSC12090448 I hope I've helped some. When it comes to crunching numbers, I'm no help. :-)