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A question about Sallie Mae

Date: Mon, 09/17/2012 - 14:49
Submitted by on Mon, 09/17/2012 - 14:49
Posts: 202330
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I originally had student loans worth 25k, with a payment around $200/month. I started deferring the loan due to economic hardship. Then Sallie Mae purchased the loan and changed the payment to almost $380/month for 2 years, then 480/month for the balance of time. I obviously could'nt afford that payment either. So I defferred again as long as I could, and even used up most of the forbearances as well.. Well now several years later the loan is now 57k, and they want a 580/month payment. I should've been more responsible, and aggressive and handled it in the beginning but didn't. I want to do right by this debt, but cannot afford 580/month. They will not work with me on the payment amount. Can Sallie Mae sue me, or garnish wages if I just send them $250/month even if they want $580. I live in Arizona.

Thank you!


Quote:

Yes, there is a high probability that you will get sued if you choose not to pay what they are asking from you. Either that or they will keep returning the check.


Please do not answer student loan questions unless you know the answers. Federal loans almost NEVER sue and payments are NEVER returned.


Submitted by SOAPLADY on Fri, 09/21/2012 - 11:09

SOAPLADY

( Posts: 17315 | Credits: )


Quote:

They are consolidated unsubsidized loan. I'm only one month late.
Have you looked into changing your payment plan to an IBR or ICR? Have you called and talked to them???. You may have to reconsolidate with Direct Loans Consolidation to get these plans,
http://loanconsolidation.ed.gov/borrower/bloans.html

If you only send $250 eventually they will default you and your guarantor could then garnish your wages under admin wage garnishment,


Submitted by SOAPLADY on Fri, 09/21/2012 - 11:11

SOAPLADY

( Posts: 17315 | Credits: )


You are so wonderful, and I can't thank you enough for helping me. I called Sallie Mae yet again, and asked directly for an IBR, and they took my info and are going to give me one with a payment I can afford. I don't understand at all why they did not even mention this option for me the last three calls. You are truly appreciated, and thank you for taking the time to help me. You have no idea the burden thats been lifted now. Thank you, thank you, thank you!!


Submitted by on Fri, 09/21/2012 - 13:08

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