Sallie Mae Student Loan
Date: Mon, 05/10/2010 - 10:00
Sallie Mae Student Loan
What can Sallie Mae do if I can't make my payments? I have tried to get them to lower my payments but they won't do so. I can't afford to pay their high payment and make a living. They practically want one of my entire checks. I only recieve two a month and on a teacher salary. How do I live?
Quote:Originally Posted by sclayton2001What can Sallie Mae do if
Quote:
Originally Posted by sclayton2001 What can Sallie Mae do if I can't make my payments? I have tried to get them to lower my payments but they won't do so. I can't afford to pay their high payment and make a living. They practically want one of my entire checks. I only recieve two a month and on a teacher salary. How do I live? |
What type of loans do you have, private or federal? How much do you owe?
If you have federal loans, you can consolidate with Direct Loans and go income contingent, making your payment very affordable. However if it is a private loan, you do not have any options. They do not offer income based or hardship payments and will default you very quickly for not making the required payment. They will then sue and persue a garnisment and/or bank seizure.
With private loans, all you can do is increase your income by working a second job or lessening your other expenses.
Sorry I can't help, but im in the same situation, my loans are p
Sorry I can't help, but im in the same situation, my loans are private and after forbearance after forbearance i just stopped paying them. Something is really really wrong this system.
Then you will default baylor....they will sue you. Private loa
Then you will default baylor....they will sue you.
Private loans should be borrowed only when absolutely necessary...they are the bridge between the gap in federal aid and cost of attendance. If you have to borrow too much, you are going to a school you cannot afford.