Someone PLEASE help me with my sallie mae private student loan that's

If it is a private loan balance in full is due, it doesnt take long before it is sent to lawfirm and you are taken to court at which you are respondsible for any interest and attorney fees and they will subrogate.
If federal contact the collection agency and set up repayment in the Federal Rehabilitaton Program. Worst case scenario on a federal loan if you havent had income or below the federal minimum you can consolidate the loan through Direct Loans w. the DOE which is income contingent

Okay...so I have principle debt= $87,000, capitalized now debt is $136K...in private loans...
This is spread over 5 loans.
My parents have cosigned 2 of them.
So my question is, I'm having a very hard time finding professional employment (I know everyone is..).
I'm working at Whole Foods making $10...
I've been able to put my loans into forebearance ..but they are really insisting that I start paying, but the "lowest-apparently" they can make my monthly payments is $963 A MONTH..
I hardly even make that much..
I can't afford it at all, my rent alone is $550 a month, and that doesnt include all other expenses....
Any ideas??
Please help!
I live in Boston, Ma, went to school for animation/illustration...

Thank you!
Any help is appreciated!

If you dont make the payments, you will default. With your balance, they will sue you and your parents....quickly.

This is just how private loans work.....they are not that much different to normal consumer loans.

And also with private loans, using up your forebearance right away really hurts because most private loans only offer a certain amount of time (generally 12 months for the life of the loan) and once those are used up, you have to pay or you're screwed.

...I understand..
But maybe I don't.
Is it really that black and white though??
I mean, if I'm not even making that much a month, how can I pay it??
Are there any organizations that can help me?
Anything??

I appreciate all your advice!

There are no organizations to help with private loans...they are just like normal consumer loans in that respect. All you can do is increase your income by working a second job. Or getting your parents to help pay as they are part of it now too.

Some of my friends have mentioned that if I call Sallie mae, and tell them I can only afford to pay $____ a month, like $100..something is better than nothing.
They tell me that lenders are usually good about this?
Is that true?
Because I'm under the impression that if I send $100 and tell them that's all I can afford to send, they'll say, you still owe $863...

My friends seem to be pretty sure -because they've done this..
Are you familiar with this?
(these are private student loans)

Your friends are wayyyy off the mark ...or they owe federal loans. Sending $100 on a private loan or anything less than the full payment wont stop them from reporting you past due. Once you are a certain amount of days past due, they will default you, regardless of the payments being made.

leave the country

Really smart advise...they cant afford to pay their student loan, so how are they going to afford to immigrate to another country.

The private student loan industry has become quite unfair for the consumer. I am certain that in time, the tides will change, offering more protections for the consumer, such as allowing the automatic discharge of private student loans in bankruptcy. I say the heck with it, do not pay the private loan sharks if you feel you have been treated unfairly. Let them ruin your credit and rack up the unfair late fees. Hopefully, sometime in the near future, you can claim bankruptcy and in time your credit score will improve.

Why are they unfair? They are offering loans to people with little to no credit, with no job, that they do not have to pay back right away. Nobody forces anyone to take a private loan....or to go to school for that matter. There are there to bridge a gap for some.

There are now very few lenders left in the private loan industry.

The reason why there are now very few lenders left in the private loan industry, is because of the liability. Eventually, much needed consumer protections will be enacted, turning the tide against the private loan sharks. EOM.

you put the consumer protections is place and all the remaining lenders will fold up. Then what will people do?

Again higher education is not a right but a privilege. People choose to go take on these debts...nobody forces anyone to borrow. Options are working your way thru school or going part time. Or attending an affordable school. Interest on private loans are credit based and range for 3-16%...hardly loan shark rates. Funny thing is I see people taking $30k out at high interest rates for car loans but bitch and default on their private school loans....the loans that got them an educatiton for life. A car maybe lasts 10 years???

I agree, an education is a good investment.

However, the powers that have been granted to the private student loan industry are unfair to say the least. Over and over again, I read of horror stories on this and other blogs. For instance, if one becomes permanently disabled, Federal loans can be discharged or forgiven through a formal process outside of bankruptcy. For those that become permanently disabled and have private student loans, besides of an expensive adversary proceeding in bankruptcy, there are no such provisions for loan discharge or forgiveness.

Basic consumer protections are needed, especially with the private student loan industry, EOM.

Some of the reasons they are unfair are as follows: when you are at your school standing in the financial aid line they don't tell you that they recieve financial rewards for every student that they get to sign up for a sallie mae loan. Conflict of interest!!! Also, Sallie Mae is not subject to "Truth in Lending" , meaning they are allowed to lie to you. Capitalized interest is not fair. sallie mae also owns their own collection agencies. If you default then the gov pays them in full, then they begin collection against you and they get to keep a percentage of what they collect. So they win if you pay or if you don't pay. Actually they make more money if you default. Student loans aren't covered under the bankruptcy laws, which is also unfair. These are just some of the unfair evil practices of this corporation.