Sallie Mae no longer offering forbearance.

Sallie Mae offers very limited forebearances for private loans. Have you used them up? They usually offer a year or less.

If you default, they will end up sueing both of you.

The CSR told me that very recently they no longer offer forbearance to anyone...period.

Well, without a job I can't pay $800/month and my mom works at walmart living paycheck to paycheck. What other options do I have? I'm actively seeking employment everday.

If you dont want it to default, your cosignor needs to be paying.

uh, she works at walmart so that's not really an option. She makes 1100 a month and pays 650 a month in rent.

AES and Chase will work with me but all of a sudden Sallie Mae stops forbearance for everybody and no consolidation?

Well if they wont forebear and you cant pay, you will default. You could end up being sued and then garnished 25%. This is how private loans work.

Well, I'm going to try the undue hardship clause on chapter 7 bankruptcy first. It's worth a shot.

Anyone been able to consolidate sallie mae private student loans with another company?

It is not likely to work plus the extra hearing can be expensive. They will look at how much you owe plus what you can are capable of earning over the next 20 years or so. Plus it still leaves your cosignor on the hook.

Unless your credit is better than it was when you borrowed, you wont find anyone willing to pick it up. Most lenders have left the private student loan consolidation market.

well, I just got a godsend. My mom's friend got all his private student loans thrown out in court over some type of harrasment suit against sallie mae.

I think I'll have him help me out. later.

what do you mean they got thrown out of court? Can you explain a little bit more..it might help many of us...also sallie mae still does a forbearance..i just got one 10/08-05/09 and will reapply again this month due to working part time..

Yes sallie mae still does forbearances for both federal and private loans. However you have a lot more options for federal than for private which the original poster has.

A SM court case being thrown out has little bearing on his account either.

Ok, so the csr person was wrong then. We have only gotten forbearance 2-3 times because I'm unemployed but I'm signed up with unemployment office and actively seeking employment. It's just gonna take a while ya know.

Thanks for the information. I'll try calling sallie mae again and see about either a hardship forbearance or deferment.

How did you get a forbearance for 10-05? Is it a inschool one? Casue the hardship ones I've been having to pay $150 every 3 months.

Still waiting on talking to the guy my mom works with. I don know that the issue dealt with the company harassing him and he still have to pay back a few of his loans but he got alot thrown out.

The CSR is probably NOT wrong.With a private loan you are not really entitled to any deferments....however they will grant limited ones usually no more than 6-9 months. With private loans, it doesnt matter that you are unemployed...they expect payment just like your landlord expects the rent. This is just how private loans are.

Ok, I was asking the person that posted saying he/she got forbearance from 10-5, not you so please stop posting in my thread.

The person's case DOES have bearing on people's cases if other people can use the information to get their cases thrown out.

The person who got the forbearance sounds like they have a FEDERAL loan, not private....they are completely different.

A sallie mae harrassment lawsuit against one individual would have no bearing on anyone elses case. As a first party they would not be subject to FDCPA rules so I really dont think that poster knew what they were talking about anyways...or was grasping at straws.

majax a word of advice. Soaplady knows what she's talking about with student loans, she has years of experience. She's not trying to hijack your thread, she's trying to HELP you

They don't do forbearances anymore? Hmm, I just got granted a voluntary forbearance a couple months ago. All my loans are federal subsidized loans, though. Maybe that has something to do with it.

Federal loan do....privates are questionable.

Yes most definately. Federal loans have different stipulations than private loans.

I have never had a problem with getting forbearance on my Federal Student Loan.

Hi I currently work for Sallie Mae. The whole thing with the no forbearance is that we are not extending it out into the future anymore. What I am telling the accounts that I handle is if they are less than 45 days by the last day of the month(which is when we pull account to be placed on the credit reports)They will not be eligible. We are aloud however to grant you a forbearance to bring you current. So say you are 3 months delinquent. You can pay to get a forbearance. It will bring you current and take you thru to the next payment date on your account. If you play your cards right You can do a forbearance. Wait 2 months..Yes you will get called blah blah I know...I really get it's annoying. but. that first month you will not be deliq. enough for it to hit your credit. so all you do is call in the next month before the last day of the month and pay your forbearance fee to get another 2 months of forbearance and that in turn will carry you through to the next payment due after the time you are brought current.
You guys have to realize the people who call you are just like you. We don't make gobs of money. I have bills to pay and mouths to feed. I really can relate with the accounts that I get. So with that being said I am giving you this little game plan to not really cheat the new system but to get the most out of it with what you do have for a payment.

Hope it helps some of you find a little relieve in this hard economic time!

I was also just told no forebearance, which regardless of them being private or federal loans, they are STUDENT loans, which are supposed to allow you some lee-way. This situation, for me at least, in only pertaining to Private loans, not federal. Despite being unemployed, and also looking for work, they basically told me off.
I applied for forbearance on 9/14, paid the $150, and received a letter that it was granted. Today, on the 24th, some guy tells me they stopped doing forbearance before that date and that customer service, who told me that it was accepted, "did not get the memo". He also tells me that despite that, he won't return the $150, because that's the fee for them to request forbearance, even if it no longer exists. Now I am 6 days delinquent, and they want $1200 a month from me. I get $380 from unemployment, and have no family to help out.
They also will not allow me to put it on a longer pay back plan, saying that is no longer offered.
If anyone has advice, other than "they expect you to pay it back" or "your screwed", it would be appreciated. Money that doesn't exist, doesn't exist. I am stuck, not stupid.

majax79 Try asking them again, when you are a few days late, (but not late enough to screw your credit!)

Is there a maximum total time (for the whole loan payback term) for forbearances? I have SM federal loans and several CSR have said I have maxed out on my number of forbearances (I've had loans since 1993). Other places I see people say there is not a maximum for forbearances, only deferments. I get a DIFFERENT story with each CSR I talk to and I don't know who/what to believe anymore!!! What is correct?

By the way, MAJAX79, I hope things are looking better now!

Forebearance or deferment? They are different....you are entitled to deferments, forebearances are administrative.



Forbearance is an agreement between the borrower and the holder/servicer of a loan that allows for:

• A temporary postponement of payments
  
• An extension of time for making payments
  
• The temporary acceptance of payments that are smaller than required by the repayment schedule
  

• You are participating in a medical or dental internship or residency program.
  
• Your monthly federal student loan payments are collectively equal to or greater than 20% of your total monthly income (mandatory forbearance available for up to three years).
  
• You are serving in a national service position for which you received a national service education award under the National and Community Service Trust Act of 1993.
  
• You are eligible for partial repayment of a loan under the Student Loan Repayment Programs administered by the Department of Defense under 10 U.S.C. 2171.
  
• You are eligible for loan forgiveness and the associated forbearance under the Teacher Loan Forgiveness Program.
  

My roommate just informed me yesterday that Sallie Mae is no longer offering forbearance's and Deferement's. As to when they will stop; I don't know. That sucks because he'll have to start paying $550.

Your roomate is misinformed.....he probably is not eligible for anymore. They most definately still over them.

"The CSR told me that very recently they no longer offer forbearance to anyone...period."

That's a lie... I just got off the phone with Sallie Mae an hour ago discussing alternative repayment options on my private loan and the rep was INSISTENT that I consider forebearance to save my skin. Either that or you used yours up big guy...

Ok, I've been on the phone with Sallie Mae for the past hour or so, trying to get to the bottom of this.... and this is the deal....

Sallie Mae DOES offer Forbearance for Federal and Private Loans.... Where the confusion is, Federal Loans offer FUTURE forbearance (which we're all referencing here) allowing you to postpone payments for up to 1 year... Private Loans do NOT offer Future Forbearance (this change occurred a few months ago according to the nice CSR lady I spoke with, shocker I know, didn't know nice people worked for Sallie Mae!)

So, with private loans, the only forbearance you can get is basically a "forgiveness" on your past due amount, and they will bring your account to current w/the forbearance but you will still have to make the payment next month.... No more postponing your private loans (which is a HUGE drag).... With Federal loans, you can do future forbearance for no fees, no hassle, no harassment from them...

Only option I have for you guys, who want to pay back the loans on YOUR terms and not theirs? Stay in school.... In California, it's easier b/c community college is cheap... but if you maintain at least 6 credits a semester, you'll go into "deferment" mode, which is postponing your payments while you're in school but still accruing interest, you don't have to pay them for it either.... So if you want to pay $300/mo instead of $800/mo without hassle from them (and maybe choose which loans you tackle first, interest or principal only, etc), maybe sign up for an art class and a yoga class at the local community college to maintain the credits, and to keep Sallie Mae off your back....

Of course they want you to forbear, as they cap your interest to the balace, therefore accruing interest at a higher balance. Along with the fees, SM makes a lot of money off these transactions!

Whoever, is the moderator, thanks for nothing. Your advice is inexistent to everyone with this problem.
I am actively looking for a consolidation program. The only one out there is wells Fargo. Nothing else. You can try applying through them, but I was denied so good luck. Really what you need to do is call them and say, look. I can only pay this much per month. Say 300$. If it covers your interest, they will probably accept this until you can pay more. I'm sorry I wish I could be of more help. I wish you the best and know that there are millions of us out there with the same problem and have no avenue to take.

My advise on private loans is simple...dont borrow them! There is no advise to give....deferments and forebearances are little to none and WF can pick and choose who they wish to consolidate. I cant pull information out of my ass....there is no solution to offer.