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Author Topic: Advice on Sally Mae...  (Read 406 times)
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Knightshade Dragon
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« on: August 16, 2011, 01:49:08 PM »

So my wife is disabled (by the state) and will likely never work again.  Her student loans through Sally Mae are fairly outrageous when operating only on a single income.   Unfortunately we cannot discharge it under normal disability as apparently at some point they refinanced it as an unsubsidized loan.  (There is plenty more to the story, but suffice it to say it was pretty goddamned sneaky and underhanded) 

They have been fairly uncooperative and I was considering sending them a $50 dollar check and a note that says "This is what I'm paying you a month until we are back on our feet" to try to get them off our back.   Anyone have any advice or experience in this arena?
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Ron Burke
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« Reply #1 on: August 16, 2011, 02:25:20 PM »

I'm assuming you're talking about student loans obtained through the FAFSA form and not private student loans...

Its been a while, but if I remember correctly, they can garnish your wages for repayment so not paying may not be an option. Have you tried for a hardship deferral?
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PeteRock
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« Reply #2 on: August 16, 2011, 03:42:07 PM »

Quote from: Calavera on August 16, 2011, 02:25:20 PM

Have you tried for a hardship deferral?

I believe this is what we had approved.  It's a "student loan forbearance" and is based upon financial hardship.  If you demonstrate sufficient financial hardship then lending institutions reduce or stop your payments altogether for a finite period of time.  I'm not sure how long we have, but it certainly helps.
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« Reply #3 on: August 16, 2011, 07:16:00 PM »

Yes, they have forebearance options of up to a year at a time.  I'm not sure if there is a hard limit to them or not.  Generally they will approve them with little or no proof of what you want, depending on the type of forebearance you request.

You can also do it online if you first request they mail you a pin number, which makes the whole process a lot faster and easier to deal with.
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« Reply #4 on: August 16, 2011, 08:37:21 PM »

Ron not sure if this will work for you or not but there is a federal income based student loan repayment plan that might be what you need. Thank Obama for it. It has been my experience that the loan companies don't like to admit that they have this program.
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Knightshade Dragon
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« Reply #5 on: August 16, 2011, 09:46:00 PM »

All of this is great info.  We are currently in forbearance, but as Pete said, it is very finite.   Eventually, sooner or later, it's going to bite us. 
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Ron Burke
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« Reply #6 on: August 16, 2011, 11:41:18 PM »

Unfortunately Ron, I have no answers for you.  But I can share in your misery, for whatever it's worth.  My loans are simply outrageous as well, and when I look at the amount of money that goes into paying them each month, well.... let's just say I have to not think about it, it's so depressing.  I have exhausted my forebearance time as well, so every month a check gets cut and I cry a little....

Hope you find some answers... if so - please share!
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« Reply #7 on: August 16, 2011, 11:51:45 PM »

Might check out The Consumerist blog. I know there's been a few past articles on people having problems paying student loans. May be worth checking out or writing in for advice on how to handle the situation.
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