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Salliemae says no more options & co-signer involved

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Hi I found this forum while desparately googling for help and I hope that I can find some here or atleast solidarity and words of encouragment. This month my very last allowed deferment expires and I have to pay the monthly payment at the end of the month. I am doing my Masters in Germany and I called Salliemae to tell them about my situation and to find out what options I have. I have been dealing with them since 2008 when I finished my Bachelors and I have done deferment, I have done forbearance, I have paid when I could, and I have even been delinquent a few days because Salliemae couldn't get their act together with getting paperwork done on time for a Forbearance and then refused to erase the delinquent status. They told me I have no other options. I had no idea there was a limit on the number of times you could do a financial hardship forbearance. How can they limit the number of times a student isn't financially able to pay? So I asked what are my options now. I spoke with two different people and the final verdict was 45 days after the date of repayment I will get sent to the creditors. I wouldn't be so upset about this but my mother signed my very first loan for my Bachelors because I didn't have enough credit yet and this means she will go down with me. I have read around about co-signors, etc. and is there anything that can save my mom? It is just not right that she has to go down because I chose to give into this unjust system. Well I didn't realize until now that it is unjust. I really do not want my mother to have to be penalized for me trying to further my education and not being able to make a monthly payment and Salliemae wiping their hands of the situation. Is there any loophole, anything I can do to save and protect my mother? Any suggestions, comments, would be very helpful and I would appreciate it grately.




There are no words of encouragement for private loans...other than deferment while you are in school, they have no legal obligation to offer you ANY deferments or forebearances. With most private loans, if you enter into repayment status, you cannot return to in school deferment. ..so if you take time off after your grace period ends, you are out of luck getting it back into deferment.

Some loans did come with a cosignor release ...depending on the contract it required 12-24 consecutive as soon as the grace period ended. If you take deferment or forebearance, the opportunity is lost.

If salliemae is saying there are no options left and you do not make the required payments, they will default the loan and unless the accelerated balance is paid in full quickly, they will sue both of you. They will end up pursing both wage garnishment and bank levies.

I know this sounds harsh, but did either of you read the prom note before signing it?? Ask questions??

Sub: #1 posted on Thu, 10/18/2012 - 08:42

SOAPLADY SOAPLADY
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I don't understand why, if you're in school right now, this isn't in deferment.

Sub: #2 posted on Thu, 10/18/2012 - 11:15

OhioGal1 OhioGal1
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Ohio...private loans often do not allow for additional in school deferments if you have already entered repayment. Others do not allow you to change schools. Privates really can set any rule they want....the only educational deferment they are required to offer is for the program the student borrowed for.

Sub: #3 posted on Thu, 10/18/2012 - 20:39

SOAPLADY SOAPLADY
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