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Student loan problems

Date: Mon, 07/25/2011 - 05:38
Submitted by Heidijean on Mon, 07/25/2011 - 05:38
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I received a letter over the weekend that my Sallie Mae loans will be going into default shortly and that I need to call them by Thursday or else. My grace period ended in January but they never sent me a statement or called and told me I was late. This letter is the first communication I have received. I know it's my fault for not remembering but since I never made payments while I was in school it wasn't something I was used to paying. Right now I'm not working and am being helped by my parents. I can't ask them for more money to take care of this. What are my options and what should I be prepared for when I call them? I had 2 loans 1 subsidized the other not with the total being around $10,000. All Federal loans not private. I am really scared to call them because I can't pay them anything right now. Thank you for your help


It is your responsiblity to contact your lender or make payments even though you do not receive a statement....that is the Department of Educations standpoint. And letters and billings would have been going out regularly ....did you move and not update your address? Did you not do an exit interview with your school where your responsiblities were outlined??

You need to call ASAP and get these loans back into deferment ...since they are federal you are eligible for up to 3 years unemployemnt/hardship. This should have been done before your six month deferment period was up.


Submitted by SOAPLADY on Mon, 07/25/2011 - 05:53

SOAPLADY

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Thank you for replying Soaplady!! I never did an exit interview. I went to school for 1 year and planned to go for a second year but I couldn't afford it. My first year I received several grants the but during that year I received an insurance settlement (that went to paying off other debt) and so it made me ineligible for grants the 2nd year. I have lived in the same place for 5years so the address is correct. I really didn't receive any letters. Am I still eligible for deferment even though I am so close to default?


Submitted by Heidijean on Mon, 07/25/2011 - 13:21

Heidijean

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Thank you Soaplady!!!! I called them and spent only 5 minutes on the phone and it is all taken care of. They are sending me paperwork to complete for a 1 year deferment. I have until September 1st to return it. They said they never sent me statements because they were being emailed. They must have ended up in my spam box.


Submitted by Heidijean on Mon, 07/25/2011 - 14:05

Heidijean

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