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

I was just on the phone trying to get information about my loan for 2 hours. Here's the story. I've been making sallie mae payments for the past 5 months. They've accepted all the payments no problem. I didn't know my loan was in default until today (which is my own fault but that's another story for another day). Everytime I chose a option on their automated system they would transfer me to zwicker & associates. Zwicker said they no longer had my account and I need to talk to sallie mae directly. So I called Sallie Mae again and waited until I got someone on the phone. They kept transferring me all over the place for a whole hour!! So I finally got the direct number to sallie mae collections, who told me I had to deal with zwicker!! AHHH! So a lady from zwicker finally tells me I can't do a rehab on a defaulted private loan. Someone please tell me what my options are? Even though I have been making payments to sallie mae, my past due amount $4230. If I keep making payments... will I automatically be in rehab? Is there any help anywhere that I can get help on this? How can I get out of default? I want to qualify for a house and this is really damaging.

Private loans don't offer rehab. You better find a way to come up with the past due amount and fast.

The only way to resolve a private loan default is to pay it off in full. You cannot bring a defaulted loan current.....the default clause in your prom note states that upon default, you agree to pay the balance in full.

Can you give me some advice. I co-signed for a student from Kenya several years ago, but he stopped making payments on his student loan. I made about $4000 monthly at the time. I am now about 60 years old--we have lost our home in foreclosure, lost employment since last August, lost the car and on and on. We have now no savings, no stocks or bonds, or property of any kind, had to cancell meical insurance and sell our furniture to survive. My husband (not a co-signer) is in his 60's and just got a job in a restaurant, but we are told it may not last. SallieMae calls night and day, telling me what "dead-beats" we are and how we make society suffer, etc. because we refuse to pay. I told them I would gladly pay, if I could, but they tell me I am "refusing". I feel sick evrytime they call. They even want "relatives" phone numbers to ask them to "pay". What can I do...it almost makes me not want to live anymore. sv in florida

I have read on some other forums that Sallie Mae will offer settlements of defaulted account of 30 percent. I would tell them you want to settle, agree on an amount, have them send it to your in writing before paying anything. Also, if they do write off anything you are responsible for the tax and will get a 1099 at the end of the year unless you can prove you were insolvent at the time of the writeoff. Good luck...I would not pay the full amount especially with the amount of defaults right now, they are more likely to agree to a settlement.

Yes, Sallie Mae and the CA's working for them will settle on private loans, although the percentage is not fixed....settlements are done on a case by case basis.

I am not yet in default but I have not paid them for a while I had defered then basically lost a job yada yada. Is there a way to settle with them now? I tried to go into a payment plan with them but for 10k to turn into 21K ant hen 40k at the end of the loan in 2021 that is simple rediculous to pay 40K for a 10K loan even if it took 12 years. Are there alternatives?
I feel like these people are thieves and capitolizing on the people that can't repay. Granted there are those who don't want to repay but to tack on 300 %. I am not looking for a free way out but a more resonable way than what they offered me. HELP!

Is this a private or federal loan?

Yes it is . Original loan amount was for 10K now ballance is 21.7K and if i take thier repayment option the payments are affordable but term ends in 2021. 12 Years!... Yikes that totals out to be 40.6K.
I am wonderign if there is a another alternative to have the ballance reduced or if I can't then what should I do?

What type of loan is it?? Federal or private??

Oops It is a Private loan

Are you sure?? Just re-reading this you said you hadnt paid in awhile due to deferment. Private loans do not have this option or at least very limited...like 6 months to 1 year max. Plus they do not offer a vast array of payment plans.

Either way, you wont have your balance reduced. If you default, you can get a settlement but generally they settle off only on the collection fees that are applied on top. The only way to reduce your costs is to pay it down fast.

Yes it is a Private loan the deferments were for 6 months at a time and i went through 2 of them. My issue is not to get out without paying for this debt but to pay for the original interest amount plus the original principal. They told me that the reason my loan is now 21.7K from 10K is because they have capitolized my loans and all the acruing interest has already been added to it. They do this every quarter and on and on so my loan is now double ehat I started with and if i take thier offer of 284/mo until 2021 then i would have paid 40.6K there must be a way to buy out only the original balance of the loan and pay for the fees without having to pay the full capitolized amount.

Unfortunately this is how private loans work and you are stuck with it. You agreed to capitalization in your prom note. Again to avoid paying $40k, pay down the loan as quickly as possible. I know serveral people who work a second job just to pay down there private loans.

I currently have a Sallie Mae loan for the amount of 50,000 and It is set to default this week. I am currently unemployed and have absolutely way to make payments or pay for the forebearance. I am stuck in a very bad position and was wondering what the most extremeconsequence of defaulting on the loan would be and what options I have to settle it.

Must be private since you have to pay for deferment. Unfortunately defaulting on these loans are not good. They will pursue you and any cosignors and they will take out a judgement. Then they can garnish wages and seize bank accounts.