I am struggling with trying to set up a payment arrangement with Sallie Mae.
I have, through a bit of time on the internet, discovered that this is not the best place to have to deal with. I did not have my loans through them originally. My loans have been sold to the best of my recollection, at least 4 times. And, they ended up at Sallie Mae. (First Wisconsin Bank, to Great lakes Higher Education to someplace in Arizona, notw to Sallie Mae. There may be more in the middle!).
I have been through divorce and bankruptcy recently. My bills (without the loans) at this point, amount to over $2,000 a year MORE than I take home. (with the payments, if I cannot work out something, I will be $6,000 or so in the red!). Every year, I hope things will get better. Every year, it gets worse. I cant even keep up with dental work for my kids (with insurance!) or for myself.
I applied for income sensitive repayment. Got a note that said instead of having a payment of $405 a month, I would have to pay only $326! Wow, that is a big help. I have a job. I also have a car loan at 21% due to the bankruptcy; and I pay an extra $500 in rent each month because of my Ex. I ended up in bankruptcy because my wages were being garnished for his bills. Marital property laws SUCK, and are punitive in some situations.
I have written Sallie Mae again, trying to explain my situation. I do not have any hope that it will help. I am 48 years old. My life did not go the way I had planned. I went to school to NOT have to live like this. Ironically, it has actually made my life worse....
I will never own a home, or get to retire. I will be one of those little old ladies, greeting customers at the front door of WalMart, until the day I die. Because I thought that getting a college degree was going to HELP me!
I am also trying to get the original info on my loans, but that looks hopeless as well....
I do not understand how it has come to this. They have all the power. It does not seem as though there is any recourse. And, since forcing me into default is financially more attractive to them, why would they want to help?
Thursday, April 24, 2008
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6 comments:
It's not much help, but go to studentloanjustice.org/victims (for other cases) or tell your story. Just keep trying.
You are only one of many. The servicing company (salliemae) has no motivation to settle with you - only to keep increasing the balance until you are forced into default. Then the Guarantee agency will pay SallieMae in full...and SallieMae makes a big fat profit.
The Guaranty Agency will then tack on a huge fee and refer the matter to a collection Agency - once again - no incentive to help you out - just add fees to the point of ridiculous and eventually the feds will pay them. Then the feds will come after you. THe only one who will settle for less is the feds because the loan is guaranteed by them. Lenders will get paid no matter what.
Remember the Higher Education Act provides that garnishment is limited to 15% of your disposable wage (gross less tax). The Act also states you can be sued IF the agency believes you have assets to pay the debt.
I would not deal with anyone over the phone. Put everything in writing, keep a copy and send a copy of everything to the Student Loan Ombudsman. The Ombudsman office may be able to help you.
Many of us who have the same story as you have just accepted that there will be a 15% garnishment on wages and federal payments (including social security). You may not know it now - but bankruptcy may have helped you get out of the predatory credit market that is designed to pray on the poor and struggling. Go on the cash basis - you will be better off in the long run.
DO NOT LET them beat you and run you into the ground. There are thousands of us out there who know what you are going through.
I feel for you. I was also a single Mom (of 4)and was brain washed to think an education would solve my poverty issues. I am glad I now have my BA however, I am worse off now then the walfare days. Don't get me wrong I was not proud to be on walfare. If child support laws were effective I might not of had to be on welfare!
So as society says I got an education and off of welfare with a social service position. I can not even buy groceries at the end of the month!
I am sorry to read about your situation, it makes me sick to my stomach a little when I read stories like yours. The student loan system is kind of a scam in my opinion. If you were younger it would have been a long sentence no doubt but because of your age it will overlap into your retirement. I also believe they can garnish your Social Security.
I heard that if you're forced into default you might be able to cut a deal. Because it will be, yes, feds, who're going after you eventually and I heard people had settled with them for as little as the original loan amount after Sallie Mae defaulted tem. That, provided you have not much to take, like you don't own real estate.
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