Wellsfargo Student Loan Hell

I hope Soaplady would soon notice this thread. She would surely be able to help you. Meanwhile, you can check out the following site for information on getting statements of your account.

"https://www.wellsfargo.com/help/faqs/studentloans"

I hope so too! (this is my posting, i signed up AFTER I had written it lol). Thank you for the link also :]

It sounds like these are private loans in default. A few things do not ring right either. For starters private loans dont defer until you get a job. They might give a max of 12 months hardship, but they do not do or have unemployment deferements.

How much did you borrow? How much do you owe? Interest rate?

I guess i phrased the first part wrong. After I graduated there was an automatic grace period of 6 months to find a job...then I went back to school and there was an in school forbearance. After that they did go into default, and we've been paying them back for the last 6 months. I just wish they would stop calling

Ok...once you go into default, the loan balance becomes due in full immediately. It doesnt matter that you are paying them payments. Getting an attorney when you are not honoring the contract isnt going to get you anywhere.

FYI...you are aware that they will still sue both of you, regardless of the payments being made.

Sorry maybe you can clarify. What contract are you referring too? Also they never mentioned paying back in full, just like to harass us. Even if they sued us we still couldn't pay them in full besides in payments. Not to mention neither my mom nor I own any property.
Again I have no problem making these payments like we are now but suing or threatening won't get them their money any faster. I'm just wondering if there is a way for them to ease up. Has anybody had any experience with this? Will it continue to be like this? Or will making these payments continuously for a year or so bring us back to good standing eventually?

You both signed a promissory note...that is your contract. Right above your signature it states that you have read and understand the terms of the note. In the terms dealing with default, you agreed to pay the loan in full on demand. This is standard with all student loans.

Once you default on a private loan, you NEVER become current. They will end up suing both of you and then will be able to garnish both of you at up to 25%, based on your state law.

You might want to pull out the copy of your prom note.

What would be the reason for suing us when we're already paying them? Just to get judgment to garnish wages?
And you seem to think that this is 100% going to happen...which in that case should we just stop paying and buckle down with a lawyer anyway?
And thank you for responding to this, this whole subject gives me horrible anxiety

A lawyer wont be able to do anything for you except cost you more money....wells is not violating the law. An attorney is not going to work for free. Stopping paying will only you cost you more in terms of interest accrual and capitalization.

They sue as a matter of doing business...this is how private loans operate.

In your opinion, which student loan would you say is more lenient overall? one that provides a deferment while i attend school, and also gives decent intrest rate, and a decent grace period?

Update on mine: My mom did get a lawyer and once he wrote them a letter, they calmed down, agreed on a monthly payment and it's not as bad anymore.

As for johnnyahn1 - Bank of America/ AES has been very reasonable with me - payments are only about $51 a month for BOTH my 22k loan and my 10k loan. As long as you're in school taking a certain number of units ALL student loans will defer. You will have to send them paperwork proving it though.
Direct Loans (government loans I got through my school) has also been very easy to deal with. I have asked for a year forbearance due to financial hardship. Without the forbearance by payments are $150 a month.

It really depends on what type of loan you qualify for....you take out federal loans first...then if necessary you fill the gap with private loans.