Defaulted my Sallie Mae Loan & LOST/WORRIED
I have 3 loans with Sallie Mae, 2 of them being Signature Student-UNSUB /SALLIE MAE ED TRUST/WILMINGTON T, which I believe are private loans. I'm currently 157 delinquent on on these two loans, but I pay the 3rd one, which is a Career Training- UNSUB / SLM PRIVATE CREDIT STUDENT LN TR. I have been struggling to pay these loans since 2007. My interest rate on the two defaulted loans is 13.125% EACH, both totaling somewhere close to 23,000. I was paying about 304.00/month on these 2 loans, plus, whatever money I owed on the 3rd loan, THEN, money on another loan I'm paying thru a company called Educational Loan Center. I paid the money to have these 2 defualted loans put on forbearance, but that just didn't help and got expensive in the end, so I stopped paying just the Signature Student-UNSUB /SALLIE MAE ED TRUST/WILMINGTON T loans. I have talked to people on the phone at Sallie Mae, but the option they gave me was crap and not helpful at all because it didn't lower my payments enough. The people were at least kind to me on the phone while trying to help me out, but I don't really feel any of these loan companies want to make it easy for people to pay their loans back. I even tried to consolidate my loans and couldn't get approved for it. What kind of BS is that?! I'm like, COME ON, I'm trying my damnest here to make it so I can afford these payments. Seriously, how am I suppose to afford living, food, car with all this money I have to pay back on loans for the next 10-15 years of my life. AND FORGET SAVING MONEY FOR ANYTHING, like a house, marriage, or kids one day, because I never have any money left each month. I'm not going to work myself to death to survive in life because my health won't last if I do that. I'm really hoping that my wages don't get garnished because then I'm utterly screwed. I don't know what to do about the two loans I defaulted on at the moment, so I'm just sitting on it to see what happens down the road.
Does anyone know how long it would take before Sallie Mae would try to garnish my wages? Also, are these considered a PHEAA loan?
LoL, what happens if I leave the country and just skip out on the loan altogether?! Someone told me that after about 7 years, the loan eventually gets wiped clean as a write off for the company.
Any info is greatly appreciated and thanks for reading my book of a story for those who do, if anyone does.
P.S. I already went messed up big time on bills, so I have bankruptcy on my record. :sad:
Student loans rarely, if ever get "wiped clean." SoapLady will
Student loans rarely, if ever get "wiped clean." SoapLady will be along shortly; I'm sure. She is our resident student loan expert. Leaving the country probably won't help you. You need to figure out a way to get these paid. :)
Leaving the country will do nothing...the SOL is tolled which me
Leaving the country will do nothing...the SOL is tolled which means it is frozen. Plus international collections is becoming more and more common...Salimae sues in canada and I have heard of cases where they have sucessfully sued in the UK. Forget what people have told you....they obviously have no knowledge of debt collection laws and rules. Not to mention that immigrating to another country is not an easy task....especially if you dont have any special skills. Plus immigration is expensive.
Defaulting was the worse thing you could have done. You gonna have to buckle down and work hard to get it paid off...yeah it is gonna hurt....it is going to be like a small mortgage or a big car payment.
But what's the worse case scenario if I just wait until I get su
But what's the worse case scenario if I just wait until I get sued? Not like my credit is in good standing already, since I already messed that up too. All I wanted was my loans some how combined together to make one payment that was reasonable enough to pay so I could still afford all my other bills as well, but NO, that option was not available to me. It's not even available anymore either, to consolidate my loans.
They are soo cut throat. I hear they will take your federal inco
They are soo cut throat. I hear they will take your federal income tax as well. I am praying they don't take mine. Does anybody know how long they wait before they put that into play?????
Private loans have no ability to offset tax returns. But federa
Private loans have no ability to offset tax returns. But federal loans will. They can seize as soon as you default.
I feel the pain
I am basically in the same situation with what they call "private loans" with Sallie Mae. I'm sorry but this company and most loan companies for that matter are horrible people. I found out I had high interest too and in 5-6 years my loans went from 32,000 to 96,000!! there is no way in He!! that I will ever be able to pay them off let alone make the minimum payment of 480 some dollars just to the "private" section of my loans!!! They always say they can help but in the end there is nothing they can do. they say either I pay or I don't, so I guess I don't because with the money I make now I would be negative every month and that is obviously not possible!!!!!!
So are you saying if the loans are not federal they cannot garnish wages or take tax returns (federal or state)???
I wish someone could find a way for those of us getting screwed by this company because I know there are A LOT of us!!!!
Failure to pay your private loans will result in you being sued,
Failure to pay your private loans will result in you being sued, your wages garnished and your bank account levied.
The interest rate was disclosed when you borrowed it. If it was too high, why did you take it out??
To "I Feel The Pain"
HA HA, don't be sorry for calling these loan company horrible people because they are...I applied for my school loans all by myself, so I had NO CLUE what I was getting into and it was like a foreign language to me, all the paperwork, etc...I learned the hard way for sure, just as many do...My loans went through 2 other companies before they were given to Sallie Mae to handle, so so much stuff gets switched around, transferred, that it can be hard to keep up with...ALL THEY HAD TO DO WAS CONSOLIDATE MY LOANS, BUT NOOOOOOOOOOOO, they wouldn't do that...So eff them! They are a horrible company who just wants your money, but yet, all this money is invisible anyhow, just computed somehow through computers and crap...They make their money by screwing us over in interest that is just ridiculous...
I Googled a lot of information on this...Check the state you live to see what they can and can not do...I'm in PA and my friend had his income tax return garnished cause he also defaulted on his loans...I think I read that they can only garnish 15% of your pay check, but I'm not 100% sure...Still, if that's the case, 15% might still come out less than the total of what you owed each month to pay the loans...There are SO MANY people out there posting stories about defaulting on their loans, so Google this and you can probably talk to others in the same shoes as us...I also heard something about Obama trying to pass something to help those who defaulted on their loans...I see an issue though if something is passed to help those stuck in our scenario though, because SO MANY people are stuck in our scenario... :confused: I just take it day by day, month by month, waiting to see what happens next...
Quote:HA HA, don't be sorry for calling these loan company horri
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HA HA, don't be sorry for calling these loan company horrible people because they are...I applied for my school loans all by myself, so I had NO CLUE what I was getting into and it was like a foreign language to me, all the paperwork, etc... |
Right above your signature in BOLD letters was the statement. This is a promissory note. I will not sign this note unless I have read and UNDERSTAND the terms of this note.
I learned the hard way for sure, just as many do...My loans went through 2 other companies before they were given to Sallie Mae to handle, so so much stuff gets switched around, transferred, that it can be hard to keep up with..Quote:
.ALL THEY HAD TO DO WAS CONSOLIDATE MY LOANS, BUT NOOOOOOOOOOOO, they wouldn't do that...So eff them! |
It is not Sallie Mae's job to consolidate your loans...that is YOUR job.
They are a horrible company who just wants your money, but yet, all this money is invisible anyhow, just computed somehow through computers and crap...Quote:
They make their money by screwing us over in interest that is just ridiculous... |
All loans, not just student loans, are subject to interest. The interest continues to accrue each month. If you do not make your payments that interest capitalizes. Again, you signed a prom note agreeing to the interest. How is this screwing you?
Nobody forced you to go to school or borrow money.
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I Googled a lot of information on this...Check the state you live to see what they can and can not do...I'm in PA and my friend had his income tax return garnished cause he also defaulted on his loans...I think I read that they can only garnish 15% of your pay check, but I'm not 100% sure.. |
State law does NOT apply to federal student loans. And yes, it is 15% of your disposable wages. Plus taxes are garnished since you are not in voluntary repayment.
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Still, if that's the case, 15% might still come out less than the total of what you owed each month to pay the loans...There are SO MANY people out there posting stories about defaulting on their loans, so Google this and you can probably talk to others in the same shoes as us... |
Most of the people who have defaulted on their loans have done so out of sheer ignorance. Consolidation loan programs thru the DOE have been available for over 20 years, which includes the "income contingent repayment plan". With the deferments available to the borrowers and consolidation, there really is no reason for 99% of borrowers to default. Too many borrowers throw their hands up in the air or bury their heads in the sand. Keeping student loans out of default is NOT rocket science.
Listen here Soapy
I still have ALL MY PAPERWORK, I can easily pull it out and read over everything I signed years ago because I never threw it out...When your young & people are shoving papers into your face, it's OVERWHELMING! You don't always read the small print & you're so excited to THINK you're doing something right in your life, that these BOLD prints get missed or you AT LEAST THINK you know everything you read until the loans start coming in, then you go what the eff is all this.
Ummm okay, whatever...I can't consolidate my loans if I CAN'T GET APPROVED FOR THEM TO BE CONSOLIDATED!!! I TRIED SEVERAL TIMES!!! I looked up info the best I could, which led me to this crappy site that didn't help what so ever, so I wasn't some ignorant slum who didn't give a crap. I tried until it got so confusing that I didn't know what else to do. I don't think you honestly want to help people with this site, just instead lecture and yell at them, belittling people to make them feel like they are stupid.
What interest on stuff ISN'T MEANT to screw us over because of how controlling it is?! That's how companies make their money off us! What bubble do you live in woman, that you don't see how this world is meant for the rich to get richer and the poor to stay poor.
First off, JUST BECAUSE you signed a piece of paper saying you were going to get this interest rate, DOESN'T MEAN IT WAS GOING TO STAY AT THAT RATE, unless it was a fixed interest rate. Just like any interest rate, it can fluxuate, especially when you miss a payment or few, but then that is the person's fault for missing the payment.
Nobody forced me, well duh, that's obvious captain no it all! I went to TRY AND BETTER MYSELF just like most people in the world. The economy sucks though, so jobs don't just fall that easily into people's laps. I know SO MANY PEOPLE that had jobs in the same field I went to and are now laid off. Thankfully, I was able to go back to my previous job I had before school.
When I look up info, I look up laws for federal loans and then ones for private loans, so yeah, I already know there are two different scenarios for each. I'm sure most sites are pretty legit on the info they post, being one was an actual gov education site, something like that. I lost all my bookmarks when my laptop crashed, so I don't currently have it. I'm sure most people just said screw these loans and didn't want to pay them, but I wasn't one of them & that's not fair to JUST ASSUME most people are ignorant and don't want to pay them, especially with the way the world has been and job losses in the past several years, etc.
Quote:I still have ALL MY PAPERWORK, I can easily pull it out an
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I still have ALL MY PAPERWORK, I can easily pull it out and read over everything I signed years ago because I never threw it out...When your young & people are shoving papers into your face, it's OVERWHELMING! You don't always read the small print & you're so excited to THINK you're doing something right in your life, that these BOLD prints get missed or you AT LEAST THINK you know everything you read until the loans start coming in, then you go what the eff is all this. |
I'm sorry.....but you were an adult when you signed the papers and that comes with responsiblities, like not signing a contract or prom note if you dont understand it!!!
If you purchased a house or a car, would you not ask the rate??? Why should a student loan prom note be any different???
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Ummm okay, whatever...I can't consolidate my loans if I CAN'T GET APPROVED FOR THEM TO BE CONSOLIDATED!!! I TRIED SEVERAL TIMES!!! |
Why can they not be consolidated??? Are these private or federal loans?? Have you asked Sallie Mae for an explaination???
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What interest on stuff ISN'T MEANT to screw us over because of how controlling it is?! That's how companies make their money off us! What bubble do you live in woman, that you don't see how this world is meant for the rich to get richer and the poor to stay poor. |
You didn't have the cash up front to go to school so you choose to borrow. Loans are interest bearing.....is your interest rate not on the documents?? Did you ask how much your payments were going to be?? Again, going back to the car example, do you pick a car off the lot, sign the papers and then wait to find out what your payments are going to be??? Probably not.
I live the REALITY bubble. My mother taught me never to sign my name to any document unless I had read it. Common sense dictates that. I knew BEFORE starting college how much school was going to cost me, how much I had in scholarships, awards, grants and savings and approximately what my 5-6 years was going to cost me and what my payment would be approximately. Back then, we did not have the internet to do research on....we had to call or go in and ask questions.
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First off, JUST BECAUSE you signed a piece of paper saying you were going to get this interest rate, DOESN'T MEAN IT WAS GOING TO STAY AT THAT RATE, unless it was a fixed interest rate. Just like any interest rate, it can fluxuate, especially when you miss a payment or few, but then that is the person's fault for missing the payment. |
Again, what type of loan did you borrow??? Federal loans are fixed whereas some private are variable. Still, the prom note gives you a formula as to how the rate is calculated.
Irritated
You're starting to get on my nerves...You don't even make sense to some of the stuff you're talking about...Being 21, yes is an adult, but it's a YOUNG ADULT and YOUNG ADULTS WILL MAKE MISTAKES...It's a process of life, live and let learn...You completely missed the WHOLE POINT of what I was trying to say but whatever, I don't care...I don't need to clarify myself to someone like you...
My loans were not consolidated because I got denied for it...They said I needed a co-signer, well, I didn't have one...You don't just go ask ANYONE to be your co-signer because that means they are responsible for your loans if something were to happen to me where I couldn't pay the loans...I don't have parents to put on the loans...Of course I called Sallie Mae for an answer, but half the time, I got someone who I could barely understand and they just gave me the same answer over and over, as if they were reading off a manual...Too many stinkin dot heads take over customer services for these places & they are terrible to talk to for help...
And good for you that you grew up with a parent who knew about this shit because I didn't...Alright woman! I learned all this on my fucking own, the HARD WAY! Not all of us had awesome parents to run for help, but that is besides the point...Life is a learning experience and I have def learned...
Now, if you would, please delete this thread because I couldn't figure out how...You're NOT VERY HELPFUL, but ignorant in my eyes, and I don't want this thread up here anymore..Thanks
Quote: My loans were not consolidated because I got denied for i
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My loans were not consolidated because I got denied for it...They said I needed a co-signer, well, I didn't have one...You don't just go ask ANYONE to be your co-signer because that means they are responsible for your loans if something were to happen to me where I couldn't pay the loans...I don't have parents to put on the loans...Of course I called Sallie Mae for an answer, but half the time, I got someone who I could barely understand and they just gave me the same answer over and over, as if they were reading off a manual...Too many stinkin dot heads take over customer services for these places & they are terrible to talk to for help... |
TWICE I asked you what type of loan you borrowed, federal or private. You didnt bother to answer that. You have PRIVATE loans which to me indicates you didnt attend a regular school but some short term private for profit school. Private loan consolidation is very difficult to get and credit based. That is why you were not approved.
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And good for you that you grew up with a parent who knew about this shit because I didn't...Alright woman! I learned all this on my fucking own, the HARD WAY! Not all of us had awesome parents to run for help, but that is besides the point...Life is a learning experience and I have def learned... |
I had ONE parent with a high school education but a lot of common sense!!
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Now, if you would, please delete this thread because I couldn't figure out how...You're NOT VERY HELPFUL, but ignorant in my eyes, and I don't want this thread up here anymore..Thanks |
Quite frankly you are the only one here showing YOUR ignorance. If you thought you were going to get sympathy and a way to get out of this mess, well you came to the wrong place. There is no way out and you have to deal with reality, which I refuse to sugar coat. You want to place the blame on everyone BUT YOURSELF. Now you have to deal with it. Work 2 jobs, three if you have and get them paid off quickly. And if you talk to collectors with the same tone you have posted here, expect to be sued....quickly. hcat