For those who have defaulted on your sallie mae loans. What happened?
Posted by brokeboii94@reddit | studentloandefaulters | View on Reddit | 12 comments
I just finished grad school. I didnt know much about private student loans and I believed I was taking out a personal loan for school. I racked up 153k. I went to grad school initially and then took a year off due to health issues. I plan on paying my federal loans but I literally cant pay sallie mae $2000 per month. Its impossible even if i increase my income. One option i am considering is to just not pay it and force a settlement or bankruptcy.
TemperatureLost6304@reddit
I took out 3 loans for 3 separate semesters and just got sued for one 3 weeks ago. I haven’t been served yet though. As for the other 2, those are with an attorney based in my state so I anticipate I’ll be sued on those two soon. Statute of limitations expires in October
TemperatureLost6304@reddit
Update: summons expires in 2 weeks. They haven’t made any attempts to serve me yet.
Usukidoll@reddit
I wonder why they wanted to start suing towards the end of the statute of limitations. The argument that it's getting close is enough for the whole thing to be dropped in less than 6 months.
TemperatureLost6304@reddit
I think that’s the reason. It’s now or never
brokeboii94@reddit (OP)
Settle settle settle. You got leverage over them. Threaten to file bankruptcy
TemperatureLost6304@reddit
Yup that’s the goal. My plan is to offer a lump sum of $10k payable by march 2026. The loan I’m being sued on is for 45k. I think that’s reasonable.
AnyAssumption4707@reddit
Sometimes they sue, sometimes they don’t. Regardless, they will continue to try to threaten and scare you until the SOL runs out, then they will likely 1099 you and you’ll owe taxes on the default amount (there’s ways to deal with that tho, so talk to a good tax person if it happens)
TitusXd40@reddit
I had loans with Sallie Mae originally, which then went to Navient. I stopped paying because I just couldn't afford it, and I haven't given them anything in over 6 years now.
I'm in Pennsylvania, so the statute of limitations ran out on me at 4 years. I'll occasionally get a phone call here and there, or maybe something in the mail, but for the most part, I don't hear from them anymore. They sent me settlement offers that went straight into the trash, but thankfully, nothing taking me to court.
brokeboii94@reddit (OP)
They never sued you?
TitusXd40@reddit
No. My debt amount wasn't very large, only about $50k or so, but it was still difficult to afford, at best. They called a few of my references, called my work, but that was the most intrusive they got
TitusXd40@reddit
No. My debt amount wasn't very large, only about $50k or so, but it was still difficult to afford, at best. They called a few of my references, called my work, but that was the most intrusive they got
Mukapah@reddit
It’s been 5 years after I defaulted. August/September would be my 6th year which is the statute of limitations in the state I’m residing in at this moment; However, since the loans were taken out from Florida and the statue of limitation is 5 years. I’m not sure what to believe. I have received a few calls here and there with a voice mail. I’m quite nervous but hopefully everything goes okay.