Another Sallie Mae Victim Seeking Wisdom/Questions on SOL
Posted by tipsy-cowgirl@reddit | studentloandefaulters | View on Reddit | 8 comments
Hi everyone, I’m another victim of Sallie Mae that’s defaulted on loans & I’m seeking some clarity or wisdom on what to do because this whole situation has been seriously impacting my mental health & I don’t know anyone in my personal life that’s going through this so I’m just lost on what to do.
I graduated 2021 & have over $200k in private student loan debt. I tried working with them after graduation to get on some sort of payment plan, but their idea of an “affordable” option was over $2500 a month, way more than I was even making monthly with rent & bills to consider. I looked into refinancing but got denied multiple times. I just became so discouraged & I panicked so I never made any payments.
Fast forward to know after dodging any & all calls, I got a call on my work phone from a debt collector that completely caught me off guard. He essentially offered the option to settle part of my loan for $35k which, again, I don’t think I’ll be able to afford.
Since I’ve already defaulted, I’m wondering if I should continue in this road since SOL in my state is 6/7 years. But, did I just reset the clock by talking to this debt collector? I made sure not to verbally acknowledge that the debt was mine, but I’m afraid by entertaining a settlement offer that I reset the SOL clock. Will looking into refinancing options/if I am able to refinance, will that also reset the clock? I’m just not sure if I should try to take out a loan/seek help for a settlement or if I should keep playing the waiting game. I would love to hear other experiences just so I can get some perspective. Thank you in advance for your time!
TWOscore11@reddit
I think at this point it's best to just ignore indefinitely, until they sue (if they ever do). Unless you can get a significant amount up for a settlement you don't really benefit by dealing with them or answering any calls. If you don't have any assets then the worst case is a bad credit score for a few years. Not legal advice obviously but just my initial understanding. This is all different if you have a cosigner.
tipsy-cowgirl@reddit (OP)
That’s the conclusion I came to today, honestly. I don’t have any assets currently & my credit has taken a hit but it’s at 605 which for my situation I’ll take it. After doing research the SOL for my state is 4 years so I’m almost at the end of it & im willing to just keep dodging them until the clock runs out cause I really can’t afford it financially. Thank you for your response!
LavaMonsterrrr@reddit
How did it go?
tipsy-cowgirl@reddit (OP)
I also did some more research on how a debt resets. In the state I live in, you would have to sign an agreement or explicitly accept a repayment plan in order for that to be considered an acknowledgment of debt and reset the clock on SOL, so that was also super helpful for me
tipsy-cowgirl@reddit (OP)
It worked out for me! The statute of limitations has already passed on my debt, so they can’t take me to court. My credit score is pretty good considering the amount of debt I have, and it’ll only keep increasing as time goes on and it has even less of an effect. I’ve got about 2 years until it falls off my credit completely. There’s definitely hope out there
vsandrei@reddit
Sounds like your debt was sold by Sallie Mae.
nfjfnfkdndnd@reddit
Fuck Sallie Mae. Wishing you the best of luck
tipsy-cowgirl@reddit (OP)
Couldn’t have said it better myself. Thank you I appreciate it 🫶🏼