Someone PLEASE help me with my sallie mae private student loan that's

Just take out federal loans...preferably subsidized. Screw Sallie Mae and their Private Loan Crap. The interest is outrageous and they refuse to work with anyone. I was seriously injured in a car accident and had a leg amputated from the knee down. I also suffered a head and spine injury. Believe me, they don't care. In fact, their operators don't even know what they're doing. They're just trying to get their bonus money. Lovely operation they run. Fortunately, I have a husband who has everything in his name and takes care of me. I did not intend to default on Sallie, but circumstances are what they are. I offered a substantial monthly payment, and a substantial payoff when they scoffed at the payments. They sought a judgment. Whatever. They can get bent as they won't see a dime from me E V E R. I will also join any group or sign anything to get these crooks out of business for good.

One more thing...it's JUDGMENT...drop the E. That's for the know it all types who can't even spell the word.

Just take out federal loans...preferably subsidized. Screw Sallie Mae and their Private Loan Crap. The interest is outrageous and they refuse to work with anyone. I was seriously injured in a car accident and had a leg amputated from the knee down. I also suffered a head and spine injury. Believe me, they don't care. In fact, their operators don't even know what they're doing. They're just trying to get their bonus money. Lovely operation they run. Fortunately, I have a husband who has everything in his name and takes care of me. I did not intend to default on Sallie, but circumstances are what they are. I offered a substantial monthly payment, and a substantial payoff when they scoffed at the payments. They sought a judgment. Whatever. They can get bent as they won't see a dime from me E V E R. I will also join any group or sign anything to get these crooks out of business for good.
Remember J U D G M E N T. Jeez. Don't worry, I'm posting this all over the net.

Traci who in the heck are you referring to when you address the mis-spelling?

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Can Sallie Mae ( I am in default ) take my unemployment money?

No they cannot

I am talking with my ex who currently has a Sally Mae loan she was given for culinary school. The school deceived her into believing she could go into a pastry program that was being set up but never came to fruition. She therefore couldn't recieve the degree and dropped the program.
It's now some 8 years later and the loan amount has exploded from $10k to $50k. They have a lien on her home, and are essentially destroying her life. She is a mother of 4 kids who has NO formal education, and can't get a decent job. Sally Mae and the culinary program exploited her vulnerability. You can talk all you want about people freely entering into these contracts, to take someone who has nothing and promise them a marketable degree only to leave them with nothing and then take their home? Something has to change, to see someone lose everything to these slime balls is hard to take.

Could she have transfered to another school for the pastry program? What about the training she did get? Or did she drop out too soon? You really can blame the school and you certainly cannot blame Sallie Mae...SM was only the lender. Other schools drop attempt to start programs that don't pan out...there may not have been the demand. You cannot call that duping. She was an adult and she entered into the program that could have given her some career training. She allowed the balance to swell, not anyone else.

I've tried following this thread but am still confused on something. I have one direct loan and then 3 private loans from sallie mae. Am I correct in that I cannot consolidate these all with direct loans? Any options here? I'm currently making payments, staying up to date on my accounts, but am struggling to make ends meet. When I look at the NSLDS.ed.gov page it does not even list my sallie mae loans. Any helps appreciated!

You are correct...you cannot consolidate private and federal loans with any federal consolidation loan program.

dont let these ppl lie to you, push sallie mae hard enougb on your student loan and they will settle for less than amount owed----and dont let them scare you thinking they can garnish your wages... go ahead let them take you to court for it, the judge will suide with you... they know they were giving out free money and you took it----so there is fault on both sides... dont let them push you around

Sorry mcarthur...the judge will not side with the debtor due to the default clause in the promisorry note. "Upon default, I agree to pay the balance in full on demand". They will get a judgement and they will be able to garnish....they due it as a normal course of business.

Yes Salliemae will settle...as a general rule for about 20% discount on private loans.

In regards to posts numbered five and six at the top of the page. I was on the phone with Sallie Mae yesterday, Feb 27th 2010 for over an hour. My loan is past due and I have no job, haven't had one for over a year, been using my savings to pay the loan. That is how I was able to stay current. It has run out within the past 4 months. I too, recently heard that if you default and cannot pay, they will settle with you for a percentage of the principle of the loan. I asked the man on the phone yesterday about this and he told me that "to the best of my knowledge, this is not true. Sallie Mae will not settle for a portion of the amount of the loan. It will be for the full amount." (Now, my friend, not 2 months ago went into default status and was sent a letter by a third-party debt collector who was looking to collect only about 25% of what she owed Sallie Mae and was promised she would be done with them for good on that loan and would not be bothered again. I saw this letter with MY OWN EYES!!!) We were eventually transferred to that man's supervisor who also tried to tell us the exact same thing as the first associate. I believe Sallie Mae knows that people are finding out about this and are thinking of defaulting just to take the third-party one-time payoff deal, because their employees are doing a bad job at "playing dumb"!!

I have never heard of Sallie Mae settling for that low amount. The loans are not bankruptable and Sallie Mae will sue as a matter of doing business. Maybe the settlement letter was for some other debt or settling off on sallie mae collection fees?

I decided to search online because I am in default with Sallie Mae. I have been for a long time. I have gotten tons of calls, collection notices, etc. I also have a federal loan (I will leave that out of this-its obviously a separate issue). To get straight to the point, eventually Sallie Mae has offered to reduce what I owe to the original amount. Like another poster (maybe the OP?) my debt was doubled at one point because of non-payment. It took a very long time to get this offer, and I should have handled their calls and letters head on, rather than avoiding them. I have no advice, just wanted to chime in and say that I did eventually get an offer to settle for the original loan amount (with some interest, but not the THOUSANDS they added in penalties and fees).

hello! i hae co-signed a student loan for a friend at that time 3 years ago..past few months she stoped making payment and the loan went into dferment..i was not aware of this since my mail adress for this loan was not changed since i last moved. please advsie what i could do? i cant pay the loan in full and my income does not even allow me to make monthly payments!

It didnt go into deferment, it probably went into default.

When you default on any student loan, the balance becomes due in full immediately. Private loans are a nightmare to deal with...they will pursue you right up to suing both of you. Suing you can result in your wages being garnished 25% or what your state law permits. You need to communicate with your friend and work on getting it resolved.

Is it true that Sallie mae can have your professional license suspended?

Not really.....professional licenses can be subject to a morals/financial responsilbity clause. For example, it is not easy to pass morals in sitting for the bar if that wanna be attorney has already defaulted on their student loans. MD's are no longer able to get medicare payments if their loans are in default. A lot of time it just depends on the governing body who is issueing that license.

Is it true that sallie mae can suspend someones professional license?

sorry I posted twice

Thank you for responding to me. Does it depend on the state? I live in NYS.

Can I lose my civil service position?

It doesn't seem like my page refreshes.

I have to write something in order to see my posts

So does anyone know if I can lose my civil service position?

Soap lady are you still there? :)

I worked for sllie mae in in their private credit department. Sorry to say that those blow. When you can't pay it start calling you and then if you do not have money we would ask you to borow from a family or friend. All the payment options they offer you are only a band-aid. Only way out is pay them off. If you are going to file bankruptcy put as much of your loans on your credit cards

That is not not true. I worked for sllie mae

I am trying to get back into school for my undergrad and i have a loan from sallie mae but I have missed my payments for the past few months (maybe 5 or more) what will be my first steps to take.? Someone was trying to tell me to condolidate my loans. And how can I go into deferrment? Ugh, I'm lost and confused and it doesn't help that im kinda ignorant to this fact.

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i was just defaulted on a loan and told me that no options except for paying up were availiable. i know there must be other options. there has to be. you cant loan shark people like this. its torturous. i didnt even get a warning i was going to default. no letters no calls no nothing, or i would have done something to prevent the default instead of having to pay up 50 grand. what kind of company does this? where do i go for help??: (

Sorry, but once you have defaulted on a private loan, there is not much you can do except pay in full to resolve. There is no rehab, nobody will consolidate. If you were not paying, you had to expect that it would default.

FYI, even if they set you up on a payment plan, they will file suit against you. That is general rule for all private student loans.

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You going to default on private or federal loans?

i was just on the phone with sallie may to settle my account in full 57,900 with in the next 6 months but they wouldnt give me until the 3rd of september to come up with the 10% of 5,800 they were demanding and when i said i was unable to do so they basically said see ya and hung up, here i am in default trying to settle the full amount and these &*&^&**^&^ wont work with me

You are in default....they as a general rule dont offer payment plans beyond 3 months to settle. They are under obligation to work with you.

I need to know my options before I end up going into 'default' status. I have accrued nearly 70K in private loan debt from Sallie Mae (original + interest), what are my options? I'm barely managing to make the 670 a month payments and wonder if consolidation is my only option? I know Wells Fargo has a program, but does anyone know of anywhere else or any other alternatives?? Also, how many days can you be late on a payment to Sallie Mae before you it appears on your credit and/or your account goes into default status?

Wells Fargo is about the only lender left to consolidate.

They will not report you late under you are 30 days or more past due. Default is 6 months on privates.

I have 2 FFEL Consolidated Loans (serviced thru Sallie Mae) that are currently in default. Because of the default status, the loans were turned over to the State Guaranty Agency to collect full payment. I was under a payment program but was late in sending them, which is breach of contract? My wages are about to be garnished & wanted to know if I would be able to delay them from collecting by re-consolidating both of those loans into one? What other options do I have or am I screwed? I've read that I can: 1) Voluntary repay- but does that mean I have to pay the orginal amount PLUS an additional? How is the amount determined? 2) Ask for a settlement or 3) See if I qualify for Income Contingent Repayment. Please help! Any advice would be greatly appreciated... :(

There is no income contintgent repayment in default....per your contract your balance became due in full upon default. Once a garnishment starts, you are not eligible for another consolidation. You would need to rehab while being garnished, and then consolidate.

Being late on a payment plan once in default can cause your account to be forwarded to garnishment.

Your current balance is your principal plus any accrued/capitalized interest plus federally mandated collectection fees. Your payment is applied to fees first, then interest and finally principal.

I took out a private loan 2 years ago and made an agreement to pay back the amount in a certain amount of time Well.. due to crazy life happenings, such as a major car accident that ended up being my fault, I became more and more in debt and was not able to make my payments. I just received a letter that my full amount , which is almost $3,000 is due next month. I know that this is small potatoes to some, but I live month to month and have absolutely no way to pay this back in a month. Does any one know what they do to me if you cannot pay this back in their time? Will they garnish my wages?

Sounds like you defaulted...when you default the loan becomes due in full per the default clause in your prom note.

Your balance is small and it is not likely they will sue you, at least right away. You will need to come up with a good proposal on how you will get this cleared up asap. Work a second job if you have to.

can a private defaulted loan be put in defirment

Nope. Most private loans in current status dont offer deferments.