I am in desperate need of help. I attended medical school and started out with all federal loans through Sallie Mae. Half way through my second year Sallie Mae stated that I can no longer get federal loans and need to take their private signature loans. Well I was already into med school 1 1/2 years and could not afford to stop at that point. The loans accrued interest throughout the time I was in school at 14%. I have never paid late, but now my loans have ballooned to over $300,000!! I have got all my federal loans out of Sallie Maes hands, but they will not sell my private loans. I am now paying $1,100 per month INTEREST only with them so I am never going to be able to pay them off. This amount is just for $130,000 left with Sallie Mae. The rest of my school loan is now with Direct loans which I am paying on the income based repayment plan for only $600 per month. I have attempted several times for them to reduce the interest or payments but they will not. I have great credit right now, I am sinking and am thinking about just stopping paying Sallie Mae as even paying the 1,100 per month to keep current, my balance is remaining the same. I live in NC and am wondering can they garnish my wages. I am only making 65,000 per year currently and have no other debt besides my house which is small. Thanks for any help.
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