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Defaulted Sallie Mae loan

Submitted by on Fri, 12/28/2012 - 07:52
Posts: 202330

I have defaulted on a very small Sallie Mae loan. About 3k many many years ago. I now want to get another loan to go to a different school. If I pay off the three grand will I be eligible for another student loan or would it be a waste of my money? 

Is this a private or federal loan??  Either way, if you borrowed $3000 you owe much much more than that now.  Interest will be accruing daily, late fees and collection costs would have increased your balance significantly.  If it is federal, you must pay it...their is no statutue of limitations and the debt never goes away. 

We need more information.

Submitted by SOAPLADY on Sat, 12/29/2012 - 06:58


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