I just defaulted on a private student loan through sallie mae

Due to the nature of the paper, you will be lucky if you get more than 30% waived. And they will send you a 1099 so be prepared to pay taxes on whatever is waived.

How do I figure out the capitalization and fees or at least get an estimate.

Thanks so much.

Google "student loan calculator"...there are several out there.

So I got a call today from the Sallie mae recovery unit and I am just wondering if they are legit or someone trying to scam me while im down.

The number was 877 - 550 - 1382 for call back.

They made me a settlement offer im interested in but dont want to send my money to someone and have someone else call me later and im screwed.

any way to confirm this number?

Thanks

Do you have a private student loan with sallie mae? Are you paying them? Are you in default? If so, you probably should call them. Sallie Mae if you had googled them are one of the largest guarantors/servicers of private loans.

I settled with Sallie Mae Recovery Unit for less than 50% of the current balance. I did use the same number you were given to speak with my account rep (877) 550-1382 whose name was Lori L. I received a settlement letter (signed) through email agreeing to pay the amount in four installments. So I should be clear from this debt by summer.
All seemed well. However, after my first payment, I received a letter from SM stating that they had received my first installment, along with my new balance owed. The balance owed did not reflect the settlement I had worked out with the recovery unit, so I called them back. They told me that it is a completely different department that sends the letters, and they won't send me an updated letter until the settlement has been completed.
So far, I feel good about the settlement. If it works, it will be a tremendous savings. I believe I have enough documentation, and that the recovery unit is legit, at least legit enough to make the settlement work. Take my advice for what it's worth -- I can provide a better update in the fall.
If anyone has evidence or experience to the contrary, tell me now before I make another payment.

Your account will not be adjusted until the settlement has been completed.

I defaulted on a Sallie Mae private student loan and received a call from the recovery dept. I can't pay the loan off do they settle for payment arrangements? Want to know prior to returning the call.

thanks

No....they will not give you a settlement on payments. Any payment plan they offer you will be short term. FYI...even making payments, they are still likely to sue you.

Feel lucky that you were able to do 50%, because I also have a default loan with them, but it's because THEY say it's default... They do not ackowledge pymts made when it'snot toward the principle...

The first call I received Kristy was very rude with me and threatening garnishing my wages and my husbands!!!! Would not even talk to me about a settlement.

I called the next day and spoke with a Carmen and she was nicer and only offered about 10% off the $2400.00 I owe them and said that I would receive a fax or email with in 2 days about the settlement.

We are now at day 5 and still no repsonce from Sallie Mae and today I called and spoke with Carmen and she was rude stating that it's only a courtesy that they are even looking into a settlement and to allow 48 hrs more for the decision.

BEWARE of Sallie Mae..... you think that you are being a good person and keeping in constant contact with them about being unemployed and will try to make pymts when you can and then for them to turn around and say you are in default and to have the one rep Kristy try to say no pymt for a YR (may 2011) when my last pymt was in fact in Dec 2011... but always sent emails advising of my situation.. AND THEY IGNORE YOU..

VERY HARD to even get them to work with you in forbearance or deferment. They think they are GOD and can do what ever they want..:mad::mad::mad::mad::mad::mad::mad:

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