Sallie Mae and Texas Guarantee

If you have a delinquent loan with Sallie Mae that is backed by Texas Guarantee, as of April 1, 2008 they NO LONGER WILL REHABILITATE YOUR LOAN to bring it current.

Sallie Mae has a taken a position like any other bottom feeding creditor ( they are reminding me alot of HSBC/HFC) or collector and refuses to try to work things out, or offers unrealistic or other wise un acceptable solutions.

I know where you are coming from I wish I had found this site 5 years ago when I got my loan from Sallie Mae and before I was permanently disabled now I am stuck pay $10,000 back for education I can't even use to make a living at. I am stupid, stupid, stupid as my husband reminds me everyday.

Texas guaranteed always has the option of using other lenders other than Sallie Mae to rehab their loans.

Sallie Mae just like any other student loan lender is not required to take payments other than the standard or income sensitive payments that are required by the Higher Education Act. Student loans cannot be compared with other types of consumer debt as there is always the option of deferment and forebearance if you are in economic distress.

Our letter said that they were canceling our rehab program until they find a new lender. I'm going to have to call TG tomorrow to work out something different. Until my situation changes I can't make the payments they wanted for the rehab program if it isn't going to have some sort of resolution out of their collections department. We were streaching it because it was worth it.

Make sure that you do continue to pay or they will start a garnishment quickly.

My brother had a student loan with them and they are garnishing his check for $200 a week! He said he was going to try to call them and see if the payment can be lower.

He also has some back taxes being garnished of about $200 a week and not to mention he has to pay his witchy ex almost $300 a month for child support, even though they each have the child every other week and the weeks he has her, he pays for her before and after school care, her lunches, etc. He is barely surviving. I just paid off his washer and dryer for him so he could have a little extra money. He doesn't know this yet, but will tell him tonight. Even though at times he treats me like crap, he is still my brother.

Student loan guarnishments are 15% of disposable income. According to my calculations, if he is being garnished $200 per week, his take home pay would be over $5300 per month. So with other garnishments and child support, he would still be taking home over $3400 a month. Not likely the student loan will be reduced with that type of take home pay.

The lady from Texas Guarantee, her name was Mattie, said as of April 1, 2008 they no longer have that program. Nothing about a different lender or any thing, they flat out don't do it. SO what happens if I am say 70 days behind, and just resume making the regular monthly payment ( they were on auto pay, but something must have happened and it hasn't been going through).

They will only do a forbearance if I let THEM auto draft my account, something I no longer allow ANYONE to do. So thats off the table.

Defaults are not eligible for forebearances or deferments.

I am about to start my second year in graduate school. Last year
my husband lost his job and I got behind on my student loan. I
was told that I needed to be on time with payments for 6 months before I could reapply for loans for my first year of graduate school. I got the loan, completed a whole year and summer school
I just found out that I am listed as default on my loan because last november during the holidays I was late and called in to the
loan dept and they said they posted it for december and not to
worry about it. I am devastated because I really need this money to finish my last year. They said they could not help
me and that my loan was being bought out. I don't understand.
Will any body lend me for my last year

Sounds like you were in default when you made those six payments....making 6 allows to you regain financial aid eligibility. However after 9 pays you could have rehabbed the loan. However the late payment thru you out of the cycle.

My suggestion is to consolidate with the Direct Loan program now....it will get it out of default in about 60 days.

I HAVE A DRAFT FOR MY SALLIE MAE STUDENT LOAN BUT THE LAST TWO MONTHS I DID NOT RECEIVE THIS EVIDENCE

have you called them?? That should have been your first step.

Forbearance is only good so many times and they will refuse to consolidate a joint account. I was talked into combining my loans with my husbands and now that he can't find a job to save his life Sallie Mae is giving me all sorts of solutions that when I try to use them they deny. This is the most unfair lender it's worse than owing the IRS.

If your loans are already combined, they are consolidated....the old spousal consolidation .

Have you applied for unemployment deferemnts? Hardship deferments? You are entitled to them by law with federal loan.