salliemae #

Is your loan with a CA or salliemae? If it is with a CA, salliemae wont negotiate or even talk with you...that is the CA's job.

What is a CA?

CA Is collection agent

CA is collection agency.

COLLECTION AGENT! LOL just messing with ya Soap.

A CA is any 3rd party collection agency that is collecting for a creditor.

Thanks, no the account is current but only because I have forbearance. These private loans are all through Sallie Mae. They stay on my statement that the lender is Sallie Mae trust. what does that mean? Can they reconstruct my payment plan. They already offered 80% settlement but that won't help. Any telephone #?

Privates also do not offer an extensive payment plans...they are not required to. They will sometimes do an interest only payment for a year but then your regular payment goes up after that. Talking to anyone higher up will not help you....you either make the payments or they default you. Only thing you can do is increase your income.

The thing is my private and federal loans are both with Sallie mae. They all have the lender as Sallie mae trust though. Could they all be considered federal loans though because there all the same lender???

Sallie Mae Trust is used for both privates and federal loans.

So if that is the case, do you know if I could consolidate them all with direct loan consolidation since its the same bank or trust? Thanks for the info

Nope....privates and federals cannot be consolidated together. Sallie Mae's federal loans under the FFELP program are guaranteed by the DOE but orignated thru the trust.

How does the trust work? Is it like a bank? who guarantees these private loans through Salliemae trust?

Sallie Mae guarantees there own private loans. The trust is their funding source.

So what your saying is even if I talk to the guarantee committee or whoever is on board of the trust to see if they will settle or reconstuct a payment plan is not an option?

You wont get to talk to anyone but the CSR's. Private loans wont alter the payment plans to fit a budget....they have very limited terms and it you can't meet the payment requirements, you will default. This is just how they work. There is no regulations or rules that require them to do so.

gotcha. but wouldnt they (Salliemae) want to negotiate before it does default? ya know?

No...they wont negotiate a lower payment plan. Once you default they then demand payment in full and usually use the courts to secure a judgement.

But what judgement would come out of it? I dont have any assets? I just have debt right now. No house, a company car, and if they garnish wages it would be the lowest payment I could imagine. So what are they getting out of it? I appreciate your assistance in this matter.

Garnishment would be at 25% of your pay or whatever your state allows plus they can freeze and seize bank accounts.

This is just how private loans operate...they show no mercy.

I live in PA and read they cannot garnish wages in this state. Is this true?

Correct.

How about New Jersey?

Anyone know anything about New Jersey???

Soaplady, do you know anything about New Jersey? Is it the same as pa?

A simple search in our nifty search bar above on the right hand side would have easily revealed that New Jersey is a garnishment state...25% of disposable wages.

o im sorry i needed help. Won't bother you again!! wow!!! and your the moderator??? if i knew i could i would have looked. unbelievable!