Sallie Mae private loans
Going into med school you should have had your financial aid planned out, knowing when you federal loans would cut off and private loans kick in. You balance really should not be any surprise.
It is not a matter that sallie Mae WONT sell them or release them, it is a matter that private loans are just not eligible for federal consolidation.
I do not advise stopping any payment with sallie mae. They will default you and they will sue you quickly with that balance. Although in NC they cannot garnish your wages, they will get a lein on your home that will have to be resolved before you sell it) and they will pursue bank levy.
Only $65k as a physician?? You need to find a higher paying job. Thought of going to Alaska for a couple of years?? Or working as a travelling physician or working someplace that is severely understaffed for a couple of year. It is going to take some work and the only option you have right now is getting higher payment employment.
Thanks for the info. If I could get a higher paying job I most definitly would. I guess that leaves me with no options sadly. I guess I will just never be able to sell my home and I will let them take me to court. It is sad because I have no credit card debt and no debt from undergrad, with a great credit score currently, but I can't keep paying interest only for the rest of my life and never get the balance down. I have another question for you. If I die does my loan dissolve?? Sallie Mae is the worst company ever!!
Oh grow up! How would you have finished medical school without them??? Did you READ the terms and conditions of the loan?? Run the figures ahead of time??
I checked the average salary of a generalist MD's in NC and you are earning HALF of what the median salary is..minimum salaries are around $100k. Why cant you find something better?? They are always higher physician here in Florida. Only you are stopping yourself, and if you dont do something now, you will reget it for the rest of your life. You didnt borrow all that money and go to school for 8 years to earn $65k. Postal workers and bus drivers earn more than that. Sell that house now before they get a lien on it and move and get a higher paying salary. Quit wallowing in self pity and take control of your life. Cause believe me, if you default, sallie mae will sue you ASAP with the amount you owe.
Wow, you are pretty horrible as a Counselor!!! Nice thing to say "why don't you grow up", seriously??? I did not say anything rude to you or immature. I am a mature adult who is having a hard time with debt and that is my salary!!! To simply say sell everything and move to Alaska or Florida, GREAT advice. I am going to report you to this forum. You should not be allowed to give advice to anyone... period.
I am not a counsellor...I am a volunteer moderator. I am also a former student loan collector for the Department of Education and financial aid officer for a major midwest university. And you do need to grow up. You asked for help and I gave it too you....when collectors get a hold of your accounts, you gonna experience a whole lot worse. What do you think a judge is going to say to you?? His bailiff probably earns more than you do. nja6js You have to make the changes and obviously you dont want to. It is your choice....you wanna spend the rest of your life looking over your shoulder every time you have $100 in your bank account???
You, my poor soul, sound just like my son who spent years borrowing in the same manner and now is strapped with similar debt. Firstly, we consolidated all federal loans with AES, locked in at 3.42%, then after 36 months of continuous payment, AES locked in 2.5%; so my son pays $532/month, but will be paying for a long, long time. Just when my son needed it most, 2008, the economy tanked, and Sallie Mae (just as guilty as Freddie Mac, in my opionion) were forced to drop their private loan consolidation plan. So, my son pays and pays them on his debt. What he did do was take a position in an underserved community, applied for the NHSC loan repayment program and earned $$ that were sent directly to the loan companies every three months. First year, I think was $25,000, other years $35,000. But, when you do that, you get paid less in the workplace. He wishes he would have taken my advice and become a surf instructor in Cabo! :-( Wish I could be more positive, but SallieStinkinMae owns you and my son and many, many others.
I was just reading through this forum again, and I must say, SOAPLADY's responses were not helpful. She should just
"bugger off." Sir, I believe there are locations in North Carolina where there are underserved populations. Please go to NHSC website, check into their underserved locations and then prepare to complete about a 5" thick portfolio to submit. It is very, very time consuming; but you need to do this, and you CAN do it! Pursue it! Don't let defeat enter your thoughts. If you are a doc, or a PA, or NP, your wage is too low, even with help from NHSC. I urge you to check every website that offers loan repayment assistance. Unlike the DopeLady, I understand your need for good advice and compassion. You can do this!!:p
I am outraged at your attitude about those who were not in a position to pay cash for their education. I got my college education late in life and accrued student loans and consolidated with Sallie Mae. Upon graduation I was lucky enough to have a job that paid enough that I could afford to pay my loans and did for 7 years. Then the economy tanked, I lost that good paying job and have been unable to find a good paying position, being underemployed and now unemployed for 1.5 years. I am approaching retirement, lost a great deal of money in my IRA to the market fall and will heavily rely on SS in my retirement and am not hearing that Sallie Mae will attach my SS. I am not a dead beat, I am a victim of the current economy, as are a lot of those posted on this site. In reading your responses to some of the entries from people who are panicked and not sure how to get themselves back in good financial situations, you truly sound like a lot of those who have had the unfortunate experience of talking to a Sallie Mae representative. It truly is a shame that, on appearances, the only people in this country that can afford an education are the wealthy. The rich stay rich and the poor stay poor. Have a heart!
I am outraged at your attitude about those who were not in a position to pay cash for their education. I got my college education late in life and accrued student loans and consolidated with Sallie Mae.
You can be outraged all you want but I think you are confusing federal loans with private loans. They are two different programs..most students can get thru a public education just with federal aid. Most people are not in a position to pay cash....however too many people pick schools that cost more than federal aid will cover.
Then the economy tanked, I lost that good paying job and have been unable to find a good paying position, being underemployed and now unemployed for 1.5 years. I am approaching retirement, lost a great deal of money in my IRA to the market fall and will heavily rely on SS in my retirement and am not hearing that Sallie Mae will attach my SS.
Have you defaulted??? When your income went down did you look at re-consolidating with the Direct Loan Program as to get your payments under the Income Contingent Repayment Plan???
The point she was trying to make that he was making too low of an income with an MD. The OP never mentioned if he was in residency or anything at all, but regardless an education as a doctor is worth a lot more than 65k a year, unless you're locked in and poised to earn 100k within say, 5 years like many doctors are during their residencies. My best friend actually has that same scenario right now.. got out of med school just recently and the hospital brought him in making around 50k per year but upon completion of his residency, he will be guaranteed to make 133k or something. He actually got his mortgage company to agree to reduce his payments drastically until then and he and his fiance got a beautiful house. The point she's making is the OP is in massive debt and is not being paid what he should be for his skills in the economy.