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Headed for Default on Sallie Mae Signature Student Loan....NEED HELP!!

Submitted by juanrogers on Wed, 11/23/2011 - 19:13
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Hello All,

I am in need of some serious advice about my current student loan situation........

I attended school a few years ago, and I ended up taking out quite a few loans to cover the tuition and living expenses. My largest loan was
a Sallie Mae Signature Student Loan originally for $33,939.00. I graduated in 2008 and since that time my career hasn't really taken off like I had hope (I'm still working to better myself though) and because of this I've been in and out of forbearance, making a few payments here and there. The outstanding balance has grown to over $50,000+. I made a payment last month but because I'm so far behind, the Sallie Mae CSR informed me that if I don't set up a payment by next week, I will go into default. I do understand that this is bad and I should do everything I can to prevent it. I'm so cash-strapped right now because I only make about $1100 per month (sometimes less) and I have another student to pay and also I am currently paying on another student loan that I defaulted on. I have a few questions...............

1.) Is a Sallie Mae Signature Student Loan considered a private or federal loan??
2.) If I do go into default, what options would be available to me to get it out of default (if any, i.e. rehab, consolidation, etc.)??
3.) With my current income of about $1100 per month, how much could they legally garnish???
4.) Could I be sued?? (Keep in mind I don't have ANY assets.......i.e. no house, no car, no savings, nothing of value really)
5.) Is there any hope at all??

P.S. I filed Chapter 7 BK in 2009 and was discharged last June, so I can't file again anytime soon.

All advice is accepted, Just please help me, I really need it. Thanks so much!!


Sallie Mae Signature loan is a private loan.

You have NO options to get the loan out of default.

Depending on your state law, after suing you they will garnish 25%

Yes they will sue you...that is standard

Right now, private loans are non dischargable in bankrtuptycy so that is not an option. acw23


Submitted by SOAPLADY on Wed, 11/23/2011 - 19:53

SOAPLADY

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