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

There is no income contintgent repayment in default....per your contract your balance became due in full upon default. Once a garnishment starts, you are not eligible for another consolidation. You would need to rehab while being garnished, and then consolidate.

Being late on a payment plan once in default can cause your account to be forwarded to garnishment.

Your current balance is your principal plus any accrued/capitalized interest plus federally mandated collectection fees. Your payment is applied to fees first, then interest and finally principal.

I took out a private loan 2 years ago and made an agreement to pay back the amount in a certain amount of time Well.. due to crazy life happenings, such as a major car accident that ended up being my fault, I became more and more in debt and was not able to make my payments. I just received a letter that my full amount , which is almost $3,000 is due next month. I know that this is small potatoes to some, but I live month to month and have absolutely no way to pay this back in a month. Does any one know what they do to me if you cannot pay this back in their time? Will they garnish my wages?

Sounds like you defaulted...when you default the loan becomes due in full per the default clause in your prom note.

Your balance is small and it is not likely they will sue you, at least right away. You will need to come up with a good proposal on how you will get this cleared up asap. Work a second job if you have to.

can a private defaulted loan be put in defirment

Nope. Most private loans in current status dont offer deferments.

That's not true. I have very good credit and was a working professional when this loan was taken out. I was going back to school. I wasn't told by the financial aid administrator that this was a private loan or I wouldn't have done it and my story is not uncommon.

Numerous abuses have been reported with this system, including cases of "pay to play" where Sallie Mae gave incentives to financial aid administrators to steer students into private loan territory rather than informing them of their rights to Federal Student Loans. It was only after I had started another program at another school that an honest financial aid counselor let me know that there had been no reason for me to take out a private loan. I filed a complaint with my previous school, my tuition was partially refunded, and the financial aid administrator was fired. It came to light after my complaint that this had been going on for years. Unfortunately, the private loan was already out and now I'm stuck with it.

So your generalization that people who have private loans have bad credit and no job is not entirely true. There is also the issue of: why is money being lent to people who have no credit and no job? Again, there is a lack of responsibility within the financial sector to police themselves and everyone else gets stuck with the bill. There are no excuses for this. Period. So yes, it is unfair.

Most people borrowing have none to minimal credit (you cannot get a private loan if you have bad credit) and most are unemployed. It is a generalization.

All you had to do was look at your financial aid report and read your prom note. It would have listed your stafford loans and what your unmet need was. You then would have had to apply seperately for a private loan as privates are not part of the FAFSA package. That is if you infact filled out a FAFSA.

As for the lawsuit, it had nothing to do with steering students to private loans. It was all based on preferential lenders....financial aid officer steering students to SLM vs Citibank or any other bank for that matter. Sallie Mae had no risk when lending federal funds....why would they bother pushing private loans??

because over the life of a private loan they can make a heck of a lot more money from it. What are the odds that a student will be able to pay off a private loan "as quickly as possible" to avoid the massive interest charges? Not likely and so SM makes a ton of money from their capitolized interest system.

And why shouldnt salliemae make money off this loan? They lend it with no guarantee and the default is higher despite the fact that some got very good interest rates. Nobody forces anyone to borrow these funds. It all comes down to being a priority.

BS. Salliemae displays their unethical behavior by charging usurious collection fees and penalties ballooning the principal to an amount that can never be repaid. Furthermore, Sallie Mae lent these loans where bankruptcy is not an option giving them a license to haunt a borrower to the day they die. Who needs a guarantee! LOL.

When you sign a prom note, you agree to those collection fees. Dont like it? Don't sign on the dotted line.

and when society brainwashes 18 year olds into thinking that a college degree will always pay off handsomely in the end and that student loan debt is "good debt", why wouldn't he or she sign on the dotted line?

Society? Give it up! What about parents giving advise or taking personal responsiblity?

There are sites out there you can go rant and rave....people have to work with the system as it is now ...not how they wish it was.

Well thank God your able to be so high and mighty! I called and asked to get my loans extended 5 years so that I could make the payment. They said no. If their not willing to bend any then they can go after people who have nothing and end up with nothing still.

I thought this was a care forum. The moderator seems to be really rude. If you have no advice to help someone don't sit here as a moderator and talk down to people seeking help. We all signed the loan agreement, yes. Times have changed the job market has changed not what any of us hoped for. I know when going to a private school I signed on the line going with what I hoped was going to make my life better.
My life is worse than when I signed and I'm not looking for a way out, just a reasonable way for me to pay my bills.
I have not the ability to stay up 24 hours a day and work, which is all you seem to suggest.
Sometimes the system has to learn to change or itself become obselete.