Sallie Mae refused to work out a payment plan for
Date: Tue, 03/08/2011 - 15:51
Sallie Mae refused to work out a payment plan for my daughters student loans. She graduated over a year ago and just recently found a job. I got a call today from Oxford Credit Mgmgt threathing to take me to court as a co signer on the loan and told me I had 2 hours to give them $4000. What are my options, who can I call for help? I refuse to be bullied by these rude people. She wants to repay the loan once on her feet but needs a monthly payment plan...no-one has $4000 in 2 hours these days.
Sounds like a private loan. Sallie Mae is under no obligation t
Sounds like a private loan. Sallie Mae is under no obligation to offer a payment plan now that the loan is in default. This is how private loans work...they have limited deferments and forebearances and once in default, they collectg agressively. Both you and your daughter agreed to pay this loan in full on demand in case of default, so the CA is hardly bullying you....just enforcing the agreement you signed.
FYI....private loans will sue both the borrower and the cosignor....this is how they do business. You are just as liable as your daughter. My suggestion is to get this loan paid off as quickly as possible before they sue you.
