Private College Student Loan

How do i cancel a Sallie mae signature student loan?

Just found out that I was eligible for both types of stafford loans and now I want to cancel my Sallie Mae loan. The Sallie Mae hasn't even been disbursed yet. Any suggestions?

Public Comments

1. I'm assuming that you signed Sallie Mae's Signature Student Loan Promissory Note. Reviewing an online version of this document, I found this relevant paragraph: "2. My Right to Cancel this Note - Upon receipt of the Disclosure, I will review it and if I am not satisfied with the terms of my loan as approved, I may cancel this Note and all disbursements. To cancel this Note, I will call you at 1-888-2SALLIE within 10 business days of the date of the Disclosure and I will not cash any loan checks, or if funds are transmitted electronically or by master check, I will instruct the School, within 10 business days of the date of the Disclosure, to return the funds to you." So, there you have it. Always remember that the terms of your loan agreement are contained in your promissory note. The note describes your responsibilities (mostly to repay the loan), but also your rights and privileges as a borrower. Once you sign the promissory note, you are acknowledging that you understand these responsibilities, rights and privileges. Follow the directions in the note and call Sallie Mae at 1-888-2-Sallie. I hope that helped! Good luck!