private student loan help
Date: Wed, 11/16/2011 - 20:23
Hello I have a question, I have private student loans with sallie mae and wells fargo...I went into repayment 8 months ago but the payment they have me on is way to high and cant afford it. I got on interest only plan but it is still way to high since i only make 22k a year. they say they dont have any other type of payment plans or deferment but I cant pay....how do i get lower payments or a deferment?
You don't. Private loans do not offer nor are they required to
You don't. Private loans do not offer nor are they required to offer payment plan options. Deferments are extremely limited. What it comes down to is if you do not make the payments they set for you, you default. You default, they sue you. Once sued they will garnish you. So if you are only making $22k, you gotta either find a better paying job or a second job so you can make the payments.
