Huge amount of private student loans

Probably no chance since you do not even meet the minimum on the brunner test. You have not met the minimum standard in repayment attempts.

Do you have any federal loans? Does your chosen profession even come close to offering a salary that could meet this obligation? I would hope that you have he letters MD behind your name for this type of debt.

Nope. I am strictly sales and I do not see my salary increasing to the amount that would even come close to make a payment of 2800 a month. There is NOTHING I can do, but let Sallie mae know that I am wiling to pay, but again cant even come close right now. Its strictly looking at paper and saying this is how much he makes, this is the payment. Its not close! What is the minimum for the brunner test?

Private student loans are similar to normal consumer loans. You agreed to terms that do not include "pay what you can afford" like federal loans offer. This is why private loans should be minimally used or avoided if possible. What you are willing to pay will not prevent Sallie Mae from suing you. With you balance being so massive, that would make you a prime candidate.

The Brunner Test (which can be googled) requires an extended period of attempts for payment. The courts also look at you deferments and forebarances and do put some personal responsiblity on the student for how long it took them to finish their education and get into repayment.

Could you please explain what "suing" means from a student loan perspective. I have been told that before but I don't know what Sallie mae could get from that. If they sue me, they can part of my paycheck which would be the best thing that happens to me. Like I stated I have a 2800 month payment. They would make out better by settling the debt or just restructure to get a payment that is affordable.

From your expertise, have you ever seen anyone with this amount? And what was the outcome? Thanks!

Suing means they take you to court and get a judgement....they then can garnish 25% or whatever your states limit is in garnishment. They can also lein bank accounts and property at the same time. Even with setting up affordable payments they will still sue you. It protects their interests. As for settling, they are still likely to want at least $300K

In all my years of collections I only saw balances this high a couple of times and they were both in the medical profession.

Thanks You for your help.

I am in Pennsylvania. I have read that this state does not allow garnishment or lein of bank accounts for private student loans? They can only doso for federal? Do you know if this is true?

They cant garnish you but they can sue freeze your bank accounts. Federal loans can be garnished in PA but that is under admin wage garnishment.

Hey soap, so what does sue freeze your bank accounts actually mean? Can they take what you have in your account? what if you have direct deposit? Thanks for all your help!

It means they can clean out and take all the funds in your accounts.