sallie mae

Is this is private loan? if so, there is no income contingent repayment plan. They are under no obligation to offer you anything different....this is the nature of private loans.

yes it's private. I am roughly 28 days past due and they offered an 80% settlement. Do you think they'll offer more off with more time its late? I need it to get down to about 50% Thanks for your help.

With time it will default and they will add collection fees in. Sallie Mae isnt going to want to write off 50%. They are better off filing for judgement which is norm.

So what you need to do is consolidate with the Federal Direct Student Loan Program on the income contingent loan plan

They will base your payment only on your income each year.

At the end of 25 years they will forgive the remaining debt

(At this time they do tax the forgiven portion but many are advocating for a change on that and it is in 25 years


There is also one other option -..sending a statement of financial Condition to the Department of Ed and stating what you can pay each month. I am too tired to track down the urls for that but if you need them ask ;-)

4 sety

Forsety.....this is a PRIVATE loan...it is not eligible for federal consolidation as the department of eduction has no guarantee on it. Statement of financial condition means nothing to private loans.

What does it mean to file for judgement? Thanks both of you for your insight.

Filing for judgement means they will sue you.

Opps sorry about the error on private student loans