I originally had student loans worth 25k, with a payment around $200/month. I started deferring the loan due to economic hardship. Then Sallie Mae purchased the loan and changed the payment to almost $380/month for 2 years, then 480/month for the balance of time. I obviously could'nt afford that payment either. So I defferred again as long as I could, and even used up most of the forbearances as well.. Well now several years later the loan is now 57k, and they want a 580/month payment. I should've been more responsible, and aggressive and handled it in the beginning but didn't. I want to do right by this debt, but cannot afford 580/month. They will not work with me on the payment amount. Can Sallie Mae sue me, or garnish wages if I just send them $250/month even if they want $580. I live in Arizona.
Thank you!
Debt Samaritan
Posts: 16655
Credits: 297099.0508172 Send message to SOAPLADY
Is this a private or federal loan??
Are they in default? I would have to assume if it is private then it would be defaulted. If so, they can sue you anytime after default regardless of the payments you are making.
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.
SOL for all states
http://www.debtconsolidationcare.com...imitation.html
Posts: 1047
Credits: 15156.2 Send message to Steve Barris
Yes, there is a high probability that you will get sued if you choose not to pay what they are asking from you. Either that or they will keep returning the check.
They are consolidated unsubsidized loan. I'm only one month late.
Debt Samaritan
Posts: 16655
Credits: 297099.092492 Send message to SOAPLADY
Quote:
Please do not answer student loan questions unless you know the answers. Federal loans almost NEVER sue and payments are NEVER returned.
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.
SOL for all states
http://www.debtconsolidationcare.com...imitation.html
Debt Samaritan
Posts: 16655
Credits: 297099.092492 Send message to SOAPLADY
Quote:
Have you looked into changing your payment plan to an IBR or ICR? Have you called and talked to them???. You may have to reconsolidate with Direct Loans Consolidation to get these plans,
http://loanconsolidation.ed.gov/borrower/bloans.html
If you only send $250 eventually they will default you and your guarantor could then garnish your wages under admin wage garnishment,
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.
SOL for all states
http://www.debtconsolidationcare.com...imitation.html
You are so wonderful, and I can't thank you enough for helping me. I called Sallie Mae yet again, and asked directly for an IBR, and they took my info and are going to give me one with a payment I can afford. I don't understand at all why they did not even mention this option for me the last three calls. You are truly appreciated, and thank you for taking the time to help me. You have no idea the burden thats been lifted now. Thank you, thank you, thank you!!
Debt Samaritan
Posts: 16655
Credits: 297099.092492 Send message to SOAPLADY
Join the forum people so we can keep in touch.,..
Also, look into consolidating your loan with Direct Loans as I suggested above,
http://www.debtconsolidationcare.com...allenders.html
PDL's are ILLEGAL in the following states...
AR, AZ, CT, GA, ME, MD, MA, NJ, NY, NC, PA, VT AND DC
OH AND NH have very restrictive low cost interest rate laws.
SOL for all states
http://www.debtconsolidationcare.com...imitation.html
I will do that now. Thank you again.
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