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CoronitaParticipantYou are in for a treat…Real time chat with a Sallie Mae agent since none of the details of that 1.25% variable rate loan I could find anywhere… And so far, the agent isn’t being clear about it either… (Fake name Frank used)
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.Info at 12:10, Jun 4:
Thank you for choosing to chat with us. An agent will be with you shortly.
Info at 12:10, Jun 4:
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Automated Advisor at 12:10, Jun 4:
Welcome to Sallie Mae Live Chat. I’m your Automated Advisor.Among the different things you can ask me to help with are “make a payment,” “difficulty making my payment,” and “COVID-19 concerns.”
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Automated Advisor at 12:10, Jun 4:
What can I help you with today?frank at 12:10, Jun 4:
Where can i find the fine print for the 1.25% variable rate loan?
Automated Advisor at 12:10, Jun 4:
Your question will help me improve, but I don’t have that answer. Please be patient while I connect you to our next available Sales Specialist. Our wait times are currently longer than usual.Info at 12:11, Jun 4:
Please wait while your chat is transferred to the appropriate group.
Info at 12:11, Jun 4:
You are now chatting with Danielle.
As you input your personal information, we want you to know that we take protection of your data seriously. To learn more about how we collect, use, retain and disclose your personal information, please see our Online Privacy Policy.
frank at 12:11, Jun 4:
It seems like the details of the 1.25% variable rate loan is intentionally not easily found.
frank at 12:11, Jun 4:
Why>
Danielle at 12:11, Jun 4:
Thank you for using Sallie Mae Live Chat. You are now chatting with a Live Specialist.
Can you please elaborate what details you are looking for?
frank at 12:12, Jun 4:
I want to know how long is the 1.25% rate last, what is the maximum APR (is it capped), etc…you know the usually things that someone that’s going to take out a variable loan wants to know about that many lenders intentionally hide.
frank at 12:12, Jun 4:
Also any pre-payment penalties.
frank at 12:13, Jun 4:
There’s got to be some terms and conditions document.
Danielle at 12:13, Jun 4:
Your specific rate will vary based on the loan product selected. If your loan offers rate and repayment options, your rate may also vary based on your selection.
If your loan has a variable rate, the maximum interest rate your loan could adjust to is 25%.
Danielle at 12:13, Jun 4:
There is no prepayment penalty.
frank at 12:13, Jun 4:
How is the variable rate indexed
frank at 12:13, Jun 4:
how does it change
frank at 12:13, Jun 4:
Let’s say I qualify for the 1.25% apr rate
frank at 12:14, Jun 4:
(I will)
frank at 12:14, Jun 4:
How long does my rate stay 1.25%
Danielle at 12:14, Jun 4:
It is based off the one month LIBOR. Our variable rate index is based on the one-month LIBOR and can change on a monthly basis on the 25th of each month.
Danielle at 12:14, Jun 4:
If you choose variable, it can potentially be for just one month.
frank at 12:15, Jun 4:
So is it always libor + (rate amount)
frank at 12:15, Jun 4:
is the (rate amount) always the same
frank at 12:15, Jun 4:
or can that change?
frank at 12:15, Jun 4:
Assuming I always pay on time
Danielle at 12:16, Jun 4:
I’m not sure what you mean by will it always be libor plus rate amount. The rate will be based off the LIBOR. Interest rates are calculated by our system based on your creditworthiness and/or application data. An applicant’s creditworthiness takes into
account factors such as:– A positive payment history;
– Length of time since credit was established; and
– Amount of outstanding debt.
frank at 12:17, Jun 4:
Understood. Let’s use an example. I have close to an 800 credit score, I have $100k/year annual income I always pay on time.
frank at 12:18, Jun 4:
I take out a loan loan for $100k on /62020 at 1.25%
frank at 12:18, Jun 4:
libor states constant
frank at 12:18, Jun 4:
for the next 4 years
frank at 12:18, Jun 4:
What is my loan rate look like over the next 4 years.
Danielle at 12:19, Jun 4:
Since income was mentioned, I do need to state you do not need to reveal alimony, child support, or separate maintenance income if you do not wish to have it considered as a basis for loan repayment. The only way to know what rate you would receive is to apply. I can collect some information to go over a range of rates but that is as specific as we can get. I would not be able to say what it would look like over the next four years. You can see history of the LIBOR at bankrate.com .
frank at 12:20, Jun 4:
I just want to understand what are the factors that would make the variable rate increase if libor rate stays constant, I always pay on time, my credit score and income doesn’t change.
frank at 12:21, Jun 4:
(IE, is this 1.25% only a teaser rate…)
Danielle at 12:21, Jun 4:
If LIBOR stays constant, it should not change. Once a variable rate is received, it will only change when LIBOR does.
frank at 12:21, Jun 4:
All this would be clear in a document that mysteriously is absent on any website.
frank at 12:22, Jun 4:
Current libor rate is 1.80%
frank at 12:22, Jun 4:
Your offer is 1.25%
frank at 12:22, Jun 4:
Are you saying that the variable rate will always be -0.55% libor, assuming nothing else about me changes?Danielle at 12:23, Jun 4:
I cannot guarantee that. It is LIBOR plus a margin. I cannot know what rate you will receive or all the ways it can possibly change. We are here to answer questions about the loan products and process but we are not credit experts or financial advisors.
frank at 12:25, Jun 4:Do you have a document that describes the loan terms that i can read
frank at 12:26, Jun 4:
So basically you are saying that margin above/below libor could change anytime, even if nothing with my financial/credit worthiness changes?
frank at 12:27, Jun 4:
I’m just trying to understand under what circumstances it would change if my financial/credit worthiness does not change.Danielle at 12:29, Jun 4:
I’ll be right with you.
frank at 12:29, Jun 4:
kfrank at 12:29, Jun 4:
k
Danielle at 12:30, Jun 4:
If your financial/credit worthiness does not change, the only reason it would change is LIBOR. I cannot state how much it will change or what it will look like in four years. There is a calculator you can play around with under college planning and then Tools. There is not a document that describes the loan terms as there are multiple variables such as the loan product, the LIBOR, if you make payments early ( there is no prepayment penalty), if there was a late payment. If nothing in your credit changes, the variable rate should only change with LIBOR.
frank at 12:31, Jun 4:
Is that a guarantee? That if my credit/finances does not change and I always pay on time, and libor does not change, then my loan rate should never change from 1.25%?Danielle at 12:32, Jun 4:
It is not guaranteed.frank at 12:33, Jun 4:
Ok….. So dumb question. Could you give me one example of how my rate could change even if my credit/finances does not change, I always pay on time, libor does not change?Danielle at 12:35, Jun 4:
Our rates are among the most competitive in the private student loan market and we work to ensure that all our customers receive a fair and competitive price.
From time to time, our pricing criteria may change based on the current market, rate environment, and other factors. Changes to your credit history and/or application data can also affect your rate.
frank at 12:35, Jun 4:
Sorry, again if there was a document that describes this, it would be a lot easier for me to understand. I’m financially literate, but I can’t imagine for most of the people who are not, how they could ever understand these terms.CoronitaParticipant[quote=scaredyclassic][quote=zk][quote=Coronita]Is there a cap on the variable rate?
There’s a high probability of student loan debt forgiveness in the future, so why not.[/quote]
I don’t think the 1.5% loan he’s talking about is a student loan.
Please correct me if I’m wrong. I would be down for that.
If it’s not a student loan, what kind of loan is it?
If it is a student loan, what kind of student loan is it?[/quote]
Sallie maes website currently says as low as 1.49 variable student loans. I havent read the fine pront.
https://www.salliemae.com/%5B/quote%5D
So I’m curious about this, since it’s going to be something on my mind in 4-5 years. The thing I find disturbing though…. It’s really hard to find the fine print concerning the 1.25% variable rate loan, beyond that you must have some auto-pay feature enabled to get the lowest rate.
That in itself is troubling for me. If the offer was really good, the fine print should be easily found….
Why do I get the feeling that student loans are as predatory as credit cards….
CoronitaParticipantImho, standard answer should be “I’m open to all salary considerations as my number one priority is fit of the job, company, and staff and me” and leave it at that.
That’s an opened ended response that basically translated says, no I’m not agreeing with a salary range, let’s talk about the job and if there’s mutual interest, we can talk about how much money you need to pay me before I accept.
If someone really wants you, compensation is always negotiable after the fact. If on the other hand, they really don’t view you any more special than anyone else and just want the cheapest option, it’s probably not a great opportunity for you to take.
Also, if you’re in a weaker position than the employer (IE you currently aren’t working), it’s less likely they will use that against you.
In CA, they are legally not allowed to ask you what your current compensation is. However, you can always volunteer what yours is. And they legally can’t verify what you say.
CoronitaParticipant[quote=The-Shoveler]Millennials are piling into stock trading to beat the market.
There are several articles for this, the Boomer part is just a sampling of friends (weird most of my older colleagues were completely out last Feb) and it is just what people do as they hit 60, they go 60-70% or more bonds etc…[/quote]
Ok, thanks. I was just curious. My dad, is even older than the boomer generation, and against my advice, he’s still buying and selling stocks when he should be only doing fixed income. i guess he has money to burn. Worked out for him for the past 50+years. I guess some people are luckier than others. I can’t believe he piled into Facebook not long after the IPO and hasn’t sold a single share of microsoft, qualcomm, or intel since 80ies and 90ies. I guess the joke was on me, being more risk adverse. Still, I agree a little caution is probably needed moving forward.
edit….. Maybe you’re on to something here. Check out this from Schwab… Seems like Schwab trading is way up.
CoronitaParticipant[quote=davelj][quote=Coronita]Welcome back, old timer!
Completely unrelated to the question of the economy… I have much more important question to ask you davelj.
Did you ever settle down with a woman and get married or are you still on self-pilot? Sorry if it sounds a bit rude but life is just so full of twists and turns and after decades of being MIA, I’m just curious how things are. Each of the old timer had a unique personality that I remeber and if memory serves me correctly, a long time ago, both you and NeetaT both were pretty adament about marriage… that’s why I was completely floored when NeetaT showed up again after being months MIA and said “if it wasn’t for my wife I would have long moved out of California” or something like that. I know, I was completely floored because this wasn’t the NeetaT that I remember that posted about his Porsche 911 and women dates. I’m totally happy he found the right person and is such a keeper that he would actually remain in CA for her, clearly not the NeetaT that I remember! And if I remember, you had similar viewpoints and shared a few conversations that were interesting and amusing with a few folks. So I’m curious how you’ve been. I hope you are doing well, happy, and healthy.
Man, it’s good to see some of you old timers coming back. I’ve been lonely here holding the fort. You can or believe some of the new freshman piggs. They are just nuts in what they say….
Now, if only Allan from Fallbrook would come back , I would be pretty content. If by chance you’re still in touch with him , hopefully you can convince him to come back, if at most just briefly. I’m dying here.
Stay healthy and happy old friend.[/quote]
I remain legally unencumbered. My views on marriage haven’t changed. But everyone’s wiring is different – different strokes and all.
Thanks for the good wishes – likewise. I don’t know who anyone is anymore – I don’t recognize any of the names. I guess folks changed them?[/quote]
Good for you! Glad things are working out well for you.
yup, times changed, handles change. maybe I’ll change mine back now that you old timers are coming back.
-FLU
CoronitaParticipant[quote=The-Shoveler]Millennials opening trading accounts like crazy during the covid-19 lock-down.
Most boomers are on sidelines at this point.[/quote]
Just curious, is there data on this? That would be interesting.
Maybe also all the people using their supplemental unemployment benefits from the federal government to gamble on the markets instead of going to a casino. Easy come, easy go. Lol
Just kidding … sort ofCoronitaParticipantIt feels like 1999 all over again. Bad news? Doesn’t matter. People can’t go to Vegas? No problem. Stay at home and day trade. lol
CoronitaParticipantYes, you can use a 529 to pay a student loan, but only up to $10k per lifetime per person.
CoronitaParticipantIs there a cap on the variable rate?
There’s a high probability of student loan debt forgiveness in the future, so why not.
CoronitaParticipant[quote=ucodegen][quote=Coronita]IRA/401k. Since I can’t access this for another 20 years when I turn 65, [/quote]
Withdraws from IRAs/401ks are penalty free after 59.5.[/quote]I don’t think I will need to withdraw until I am 65. But yes, thanks for the reminder of the early withdraw
CoronitaParticipantGiven that we really don’t know for sure how this will shake out, I’m proceeding with a sort of half foot in the door and half foot outside, depending on when I might need the buckets of money.
IRA/401k. Since I can’t access this for another 20 years when I turn 65, I’m pretty much leaving this on autopilot and every so slightly rebalancing between the funds. Leaving things in a mix of stock, international stock, some short term bonds, with a heavier concentration in domestic/international stock
529k/UTMA account. Money from this buck is needed sooner, in about 5 years when my kid goes to college. I contribute $2000/month to it, and to reach my end goal in 5 years, I only need the existing balance to earn 3% annually for the next 5 years. So this pool is allocated in 10% stock and the rest in moneymarket/treasuries/short term bonds. No additional risk needed above 3% return.
For last pool, after tax my speculation pool, for practical purposes I treat this as daily liquidable. This is where I do my more frequent buying/selling and and contains my after tax index ETFs instead of (moved index mutual funds into their ETF equivalents).
CoronitaParticipantpeople seem to be still itchy to spend. Looking at some of the bar and restaurants that just opened , seems kinda full. at least in the places I’m going to in north county. Don’t know about places like Chula Vista or near the border. When I did drive to Imperial and ChulaV on Monday, it did look kinda dead.
BTW, if you are in the mood for pretty good Vietnamese sandwiches and smoothies/boba, visit these guys a visit in Mira Mesa.
Cali Baguette Express
http://www.calibaguette.com
9225 Mira Mesa Blvd,
San Diego, CA 92126Really nice family run business. I know the owner. I’ve been ordering from them everyey so often when I come back from a run around Lake Miramar
They are off Mira Mesa Blvd close to a Wells Fargo.
I like there #6 sandwich and the watermelon smoothie with half sugar, no bobba and their fried banana chips in the bag.
CoronitaParticipant“Airbnb’s tally of 850,000 whole-house listings is just 0.8% of the nation’s stock of single-family homes. Even if a big chunk of them came on the market – and there’s no evidence that will happen – it would be a welcome relief to the severe shortage of housing inventory.”
CoronitaParticipantSo it looks like the organizer for this GoFundMe was able to raise the $17,000 target for the business that was looted in La Mesa.
If you made a donation, thanks for helping out.
Donations are still being accepted above the fund raising goal, so if you so feel compelled to help a local business , the GoFundMe is still open.
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