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When Student Debt Comes Home to Roost and Fast Track Mortgage Payoff Dear Mary: Several years ago I decided to become a medical transcription. I had no knowledge how school loans work and signed a student loan from Sallie Mae for $7,000 with a 12-month deferment on payments. It took 15 months to finish school, so my payments started before finishing. I am still paying $134 a month on the loan wherein the principal has now grown to more than $12,500! I have looked into transferring the balance to a lower-rate loan as we are currently paying 15% variable on this one. But I can’t find anyone to agree to an unsecured loan. Is there another avenue I can pursue or am I stuck with this out-of-control student loan? -- Yvonne D., email Dear Yvonne: My first instinct is to blast any lender that signs up students for loans without fully disclosing all of the ramifications of deferred interest and variable interest rates. And then to warn students to grow up, do some independent research and pay attention to what they’re getting into! It’s a lot easier to borrow than to pay back. But I’ll refrain and get right to your question.