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.
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.
Sub: #1 posted on Thu, 06/28/2012 - 15:12
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Sub: #2 posted on Thu, 06/28/2012 - 16:21
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.
Sub: #3 posted on Thu, 06/28/2012 - 16:41
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Sub: #4 posted on Thu, 06/28/2012 - 17:07
Sub: #5 posted on Thu, 06/28/2012 - 17:14
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Sub: #6 posted on Fri, 07/06/2012 - 12:34
"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
Sub: #7 posted on Fri, 07/06/2012 - 12:43
Sub: #8 posted on Thu, 09/06/2012 - 13:11
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.
Quote:
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???
Sub: #9 posted on Thu, 09/06/2012 - 14:21
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Sub: #10 posted on Thu, 09/06/2012 - 16:06
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