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

In regards to posts numbered five and six at the top of the page. I was on the phone with Sallie Mae yesterday, Feb 27th 2010 for over an hour. My loan is past due and I have no job, haven't had one for over a year, been using my savings to pay the loan. That is how I was able to stay current. It has run out within the past 4 months. I too, recently heard that if you default and cannot pay, they will settle with you for a percentage of the principle of the loan. I asked the man on the phone yesterday about this and he told me that "to the best of my knowledge, this is not true. Sallie Mae will not settle for a portion of the amount of the loan. It will be for the full amount." (Now, my friend, not 2 months ago went into default status and was sent a letter by a third-party debt collector who was looking to collect only about 25% of what she owed Sallie Mae and was promised she would be done with them for good on that loan and would not be bothered again. I saw this letter with MY OWN EYES!!!) We were eventually transferred to that man's supervisor who also tried to tell us the exact same thing as the first associate. I believe Sallie Mae knows that people are finding out about this and are thinking of defaulting just to take the third-party one-time payoff deal, because their employees are doing a bad job at "playing dumb"!!

I have never heard of Sallie Mae settling for that low amount. The loans are not bankruptable and Sallie Mae will sue as a matter of doing business. Maybe the settlement letter was for some other debt or settling off on sallie mae collection fees?

I decided to search online because I am in default with Sallie Mae. I have been for a long time. I have gotten tons of calls, collection notices, etc. I also have a federal loan (I will leave that out of this-its obviously a separate issue). To get straight to the point, eventually Sallie Mae has offered to reduce what I owe to the original amount. Like another poster (maybe the OP?) my debt was doubled at one point because of non-payment. It took a very long time to get this offer, and I should have handled their calls and letters head on, rather than avoiding them. I have no advice, just wanted to chime in and say that I did eventually get an offer to settle for the original loan amount (with some interest, but not the THOUSANDS they added in penalties and fees).

hello! i hae co-signed a student loan for a friend at that time 3 years ago..past few months she stoped making payment and the loan went into dferment..i was not aware of this since my mail adress for this loan was not changed since i last moved. please advsie what i could do? i cant pay the loan in full and my income does not even allow me to make monthly payments!

It didnt go into deferment, it probably went into default.

When you default on any student loan, the balance becomes due in full immediately. Private loans are a nightmare to deal with...they will pursue you right up to suing both of you. Suing you can result in your wages being garnished 25% or what your state law permits. You need to communicate with your friend and work on getting it resolved.

Is it true that Sallie mae can have your professional license suspended?

Not really.....professional licenses can be subject to a morals/financial responsilbity clause. For example, it is not easy to pass morals in sitting for the bar if that wanna be attorney has already defaulted on their student loans. MD's are no longer able to get medicare payments if their loans are in default. A lot of time it just depends on the governing body who is issueing that license.

Is it true that sallie mae can suspend someones professional license?

sorry I posted twice

Thank you for responding to me. Does it depend on the state? I live in NYS.

Can I lose my civil service position?

It doesn't seem like my page refreshes.

I have to write something in order to see my posts

So does anyone know if I can lose my civil service position?

Soap lady are you still there?

I worked for sllie mae in in their private credit department. Sorry to say that those blow. When you can't pay it start calling you and then if you do not have money we would ask you to borow from a family or friend. All the payment options they offer you are only a band-aid. Only way out is pay them off. If you are going to file bankruptcy put as much of your loans on your credit cards