Sallie Mae says that My loan PIF Education Mangement Program trying to sue.

Is this a private or federal loan??

If the loan was given to an insurance company, this means you defaulted and a claim was filed. Thus Sallie Mae would say they are paid in full....not necessarily by you but by the default claim. You may have paid off a certain amount, but it doesnt mean you paid it in full.

Who is Education Management collecting for??

Who is

:confused:The Company name is actually education credit management corporation. They say that it is pursuant to (20USC 1095 a 34
C FR 410 (b) (9). I dont understand I have paid double what I owed on my student loan this company wants me to pay them 42, 473.73 up from $34,000 it was last month. I dont know what to do I will never pay this off. What can I do. ???

Sorry this was a federal student loan

ECMC is a federal guarantor so you have defaulted on a federal loan(s).

how much did you originally borrow? Loans that predate 1992 had a higher interest rate..7-14%....have you calculated that in?? Were your payments covering your interest?

Your balance has gone up significantly because of federally mandated collection fees of up to 24% of your balance.

How much were you paying per month to SM? Was this the standard payment that they where billing you for??

the original loan was 16,32.80 the interest rate was 9%. I was on income sensitive for years. But in 2003 there was actually a payment for $8942.00 was made all but about $500 went to the principal. According to my records since 2003 I have paid over $30, 000. I don't know how much more was paid before that time because i don't have those records.but I paid my loans on time every month. the average amount was at least $250.00 It does seem fair that I am expected to pay at least another $42, 000 on a $16,000 loan. I just don't know how to handle this. I dont have that kind of money and I cannot afford to have my wages garnished. Thanks

I had no idea that my loan was even in danger. Sallie mae never told me anything In May when I tried to pay they just said that my loan was paid . This is what I was also told by at least 3 consultants when I called Sallie mae.

As a base calculation, interest on $16,300 at 9% would be about $123 per month. If you didnt pay more than $123, your balance would go up monthly as would your interest charge. If you did not make the interest payments in the early years, your interest would have accrued and been capitalized into your balance. Your 2003 payments may have gone to principal but principal would have included capitalized interest. The $500 payment to interest would have been the current past due interest that was not capitalized. (this would have paid in full with in 10 years with a $207 monthly payment) http://www.finaid.org/calculators/scripts/loanpayments.cgi

You should be able to get a detailed payment history from Sallie Mae going back to the beginning on the loan, showing you interest and principal payments and interest capitalization/

Did you file bankruptcy by chance??? ECMC specializes in bankruptcy and student loans.

Your best option is the Direct Loan Consolidation Loan program.

Thank you so much Soap Lady. I have my payments since 2003 the payments were always at least $250.00 a month. some months more. In $2001 I filed for Bankruptcy after my husband company shut down thats where the lump sum was made. Of course student loan was not a part of it , The company paid its employees a severence pay and because the bankruptcy was joint Sallie mae got the 8942.00 I am not trying to get out of anything I just don't understand. Sallie mae is reporting their last payment being 12/09 when they actually we taking payments from me until 04/2011. All payments made from dated after June of 2007 went to interest and capitalized interest. I doesn't make a lot of sense but it seems wrong. How can I owe $70, 000 on a 16,000 loan. And on a loan that when you look at my payments I was not late my credit verified that. Until lately when they say I was 120 days late.

The last statement from sallie mae says that i have a $100.00 credit and that the capitalized interest in $6,252 and the total balance is $-100.00 and the principal balance is _$100.00

What can Direct consolidation do for me. thanks

Also soap lady i've been paying on this loan almost 20 years how much longer will i have to pay.

As I said before, you need to get a payment history from salimae going back to day one. You need an interest/principal payment breakdown.

The bankruptcy would have caused your loan to default, even though it was non dischargable. However none of the math adds up. I really need to see the payment history

I have the payment history since 2003. The bankruptcy was in 2001. I just want to try and fix this without causing me a million dollars. I can get the payments to you to review if you like I just want to get this right. I just dont' have money like that. thank you. Will Sallie Mae give me the payment I don't have a record of. Thanks

I need to see the payment history from the very beginning....right from the time you went into repayment, to see exactly what you started with.

Please join the forum so I can PM you.

Soap lady I don't exactly know what pm means. But I do want to join the forum Please tell me what to do thanks

Soap lady I don't know what PM means. Yes I want to join the forum. Please let me know what I need to do. Again thank you so much for your patience with me.

I am getting a resubmit message I guess I did something wrong. I don't understand what PM means. I do want to be a part of the forum. And thank you for your patience with me.

http://www.debtconsolidationcare.com/community/signup.php

Use the above link to join the community.

PM = private message

I have signed into the community. Thank you Soap lady for all your information thus for. I have not received a password yet. thank you again.

SOAP LADY I STILL HAVE NOT RECEIVED A PASSWORD. I AM TRYING TO GET IN TOUCH WITH SALLIE MAE TO GET THE DOCUMENTS. :confused:

Hi!
Welcome to the Forums!

Please give us more details. It will help us to give proper answer. Meanwhile, I am informing Soaplady about this. Don't worry.

Thank you good nelly, I called Sallie Mae I am kinda getting tossed around Who ever answers the phone is still saying that my loan in Pif, and Sallie has not told me i was in default yet. I will gather any information I can. I still have not received a password for some reason. Thanks for your help anything that I can get I will. Thanks again.

Talked with sallie mae would love to share what was said.

Have you checked your email for a verification to get logged in??

I just checked my email no password

Any suggestions what I can do I am really anxious

Please do not start new threads...

Try registering again....

Nothing yet i don't know whats wrong

yes, you should gather all the information. If possible, you can communicate with them via letters and mails. This way you'll able to document your correspondence. I hope your problem gets solved asap.

FOUND OUT MORE INFORMATION ABOUT STUDENT LOAN INTERESTING. REALLY WANT TO DISCUSS:confused:

Student loans will NOT communicate thru the mail.

Salliemae IS paid in full by the default. ECMC as the guarantor paid your claim.

You will not get a Sallie Mae password if you no longer have an open account.