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

I have 3 individual private student loans (Tuition Answer Loans) from Sallie Mae totalling approx. $26K (not including interest). I was laid-off at the end of May 2008 and I have been on unemployment since August 2008. Sallie Mae got wind that I had dropped below half-time status in the spring of 2009 and began demanding payments on my first loan. I spent approx. 3 months trying to negotiate some sort of payment deferral arrangement with them due to financial hardship, but they were always unwaveringly unsympathetic. According to the Sallie Mae reps, my type of loan did not qualify for extended deferral nor for a forbearance. At one point I asked the supposed supervisor I was on the phone with "So, I have no other options available to me? I'm just screwed?" and her response was "Yes". Several months later, Sallie Mae sent me a letter stating that they had reviewed my account and that I may qualify for a forbearance. Of course, I would have to pay the $50 processing fee before they would tell me whether I qualified or not, and the forbearance only covered a 6 month period - which by that point had already passed! So my forbearance would only cover the 6 months I was already in arrears and the terms of the forbearance stated that I would have to start making payments immediately after my forbearance ends - which of course I couldn't do because I am still unemployed. Now they are stating that my loan will go into default if they don't receive the full $13K of the first loan by 9/25/09. I am still unemployed, I have no immediate prospects for employment, and no means to pay this loan. The whole reason I'm not in school right now (and for the past year and a half) is because I lost my job and couldn't get another one due to the recession. And I couldn't qualify for any more student loans and I couldn't afford to pay for school myself because I'm unemployed.

I am 40 years old and I have been working steadily since I was 16 and, in all that time, I have never been unemployed longer than 3 months at a time. I am not a "deadbeat". I have also had federal student loans before (in my 20's) and I paid them all off. But, right now, I am between a rock and a hard place. And the prospect of possible future wage garnishment is entirely unacceptable to me.

Is there no federal agency that provides oversight to Sallie Mae that I could contact to get these wolves off my back? Should I contact an attorney? My Congressional representative? I need advice of some sort other than "just find some way to pay them in full". If I can't afford payments, I sure as heck can't afford to pay them in full!

I work with one of the online colleges in their financial aid department, so I do know a bit about the different types of student loans. If you have any subsidized or unsubsidized Stafford Loans, they can be deferred for a year. The private school loans do not offer those advantages. I do believe that the people you spoke with were sincere.

You mentioned that you cannot afford to go back to school. Unfortunately, until all of your Stafford loans are in good standing (do a web search for the website: National School Loans Database Systems--where you can check the status of your loans) you will not qualify for Federal Student Aid (so don't waste your time filling out a FAFSA). I really hate being the bearer of bad news, but I believe that it is better to be informed than surprised later on.

As an independent first year student you are entitled to a combination of subsidized and unsubsidized loans of up to $9,500 per academic yr. Second year independent- $10,500. Each year it continues to increase. For the master's degree and up levels, there is no longer eligibility for PELL grants. Instead you are eligible for up to $20,500 per academic year.

Recently there were some changes that took effect this summer. Some lenders, such as Sallie Mae, made some changes. You'll want to do some serious research on MPNs (Master Promissory Notes). So that you'll be armed with plenty of information to

Check out the www.FAFSA.ed.gov website for more information. There are also ways to eliminate student loans. For this I'd refer you to an attorney. In today's economy, it might be an option to consider. If you are considering this option, please do some additional research to see if you would ever be eligible for financial aid again. If things are really bad, you just might want to wipe the slate clean. Also another resource would be the DOE (Department of Education, located in Iowa City, IA). You might also consider making small (anything over a dollar) payments on these accounts. It shows that you are making an effort and maybe after time they will work with you. Good luck!

SoapLady works for Sallie Mae!

Don't pay the crooks. And don't trust the anyfurther than you can trhow them. Neverever talk to them on the telephone. Write them letters and demand written replies.

For crying out loud, we are saving people who borrowed 200% more than their annual incomes for house they could not afford. But people who made the mistake of borrowing money that they needed to go to school are left to suffer under the tyrany of the monster called Sallie Mae, sometimes for years, ofter paying something like 300% or more of the amount they borrowed.

Write to your congressmen. Write to your senator. Email the White House. Demand that this monster be stripped of the unparralled power it has to destroy lives and futures. Our taxes have been used to propel this monster to staggering profits as it has been paid in full for the many loans that it put in defualy and still it squeezes the life out of those within it's clutches. It is pumped up with the steriod like abilities of being able to collect debt via powers that NO other kind of lender (in any setting) has.

You must act to keep this monster from growing more influential and making those ruthless hogs that run it richer still. Do not let them intimidate, scare or shame you. Stand-up and tell the people who you have sent to Washington that Sallie Mae must be stopped!

I am unemployed and my student loans was went to salie mae collections,But I want to know what are my options until I recieve a full time job?

Are these private or federal loans? Have they defaulted?

yes they will do all of those things. iam dealing with them aswell.. just make payments of most amount that you can every month.. to show at lest you tryed.. even if you go to court it will show you had good faith in paying an amount that you didnt even have.. Close all accts

Showing that you 'tried" will not prevent a judgement going thru. If you are not paying as agreed, you are in breech of contract.

soap lady is a troll for sallie mae

Please....I havent work in the student loan industry for 7 years plus I really don't think Sallie Mae has thought about putting an office in Naples Florida.

I would think about bankruptcy. Look at trying to get a settlement and borrowing money from your parents to settle your loans.

Personal attacks are not permitted here. Understand? - Uncle Wulf

you need to start by calling SLM and discussing options. They are not all as mean as Soplady.

Bankruptcy wont help with student loans...they are non dishargeable.

Settlements are generally minimal especially with federal loans. Usually only the collection fees are waived and you will be 1099'd on them.

There are other options...rehabbing or consolidating with direct loans.

Oh I agree that that sallie mae sucks. In fact if you look at all my posts, I am a big fan of the Direct Loan program.

I have a private loan for Salliemae and I have been trying to get some kind of documentation showing that I aggreed to any of this!! I originally borrowed 3500, now they are saying that I owe 6500!! wow! I ask for a settlement, Nope, No settlements can be made on private loans they say....yes, I have called various times, I have been hung up on so many times it's hard to count....I feel I keep making payments and every month when I get my bill it's way higher than the previous month, and yes, I do understand interest but good grief, I just want to be finished with Salliemae...What can I do? Oh and by the way I finally got the prom agg. in, NO SIGNATURES ANYWHERE, they didn't even send me what I ask for. And the said they wont talk to me unless my account is current. whew!!!