Salie Mae Loans
Posted by Temporary_Record_374@reddit | studentloandefaulters | View on Reddit | 14 comments
Hello. I came here to seek advice. I really hope something is out there because I am at a point in my life where I just do not feel like myself anymore. The weight of the student loan debt I have has really taken a lot of joy and options away in my life.
I have around 100k in salie mae loans. 6 loans in total add up to this. I am wondering if it is worth to keep paying? My outlook and happiness for life has drastically changed the last year.
I barely make 70k a year. I rent an apartment and drive a car. I don't have much else to show for. My credit score is around 650. What would you recommend I do? I am finding life unbearable and difficult with making payments the last 8 years of my life, and the loans just seem insurmountable. Its like I am throwing money in a furnace. I work 2 jobs and currently am driving for Uber to take on a small 3rd income. I just feel like I will never get out of this hole.
wicket2003@reddit
I have 100k in student loans through them, met with a lawyer and ultimately decided a strategic default was the way to go. If I get garnished, it will only be $400 a month. If I kept paying, it would have continued to be $1500 a month- was a no brainer. Having a co signer changes everything
Temporary_Record_374@reddit (OP)
Even with a cosigner do you think it's worth meeting with a lawyer?
FloraAL66@reddit
I’m a co-signer on my daughters Sallie Mae loans. Met with lawyers. Daughter filed bankruptcy & an adversary proceeding to negotiate a low settlement. The other option was a strategic default in a state with a 6 yr statute of limitations. The thought of waiting around wondering if we’re gonna be sued for the next 6 years was too stressful. We just wanna get on with our lives / get this behind us. Best of luck to you.
Aggravating_Storm493@reddit
Hi there u/flora66
Were you able to get a co-signer release for yourselves? I was in your daughter’s position in that infield for bankruptcy and an adversary proceeding. It worked out mostly. I hope it worked out with your daughter.
I’m messaging because I wanted to know if you weren’t released, then what has your plan been for the loans, as the co-signer?
In my case, my dad is my co-signer on one of the loans, and I’m researching default for him since the monthly payments are $800 and we are already $7000 behind in payments due to pause on payments during my bankruptcy.
The bankruptcy saved me from $180k in federal and private loans I just would never be able to pay back due to severe health issues that have gotten worse. We have $46k for this one loan my dad is co-signed on (the other loans didn’t have or need a cosigned) so we are hoping a strategic default will allow for a doable settlement amount. I’ll be paying the settlement amount since I am the one who got him into this mess, though if it’s an unaffordable amount, we have to see if getting a lawyer or waiting it out for lower settlement offers will be the only way. But I wanted to know what your process has been if you’re willing to share. Thank you all the same
wicket2003@reddit
I wouldn’t think so, if I were in your shoes I would be looking to default- wait about two years and accept a settlement agreement with repayment options.
Temporary_Record_374@reddit (OP)
Thank you everyone for advice. My parents are coming to visit next week and discuss maybe getting a lawyer and weighing our options. I just hope we can find something.
Distinguished-Toast@reddit
What are the interest rates on your loans? I had a variable rate SM loans that they had jacked up to 15%. If you have a co-signer on your original loans, tell them you want to use them to reconsolidate for a cheaper rate. My mom and I got a 7.2% at SoFi, but there may be even better options I don’t know about. This lowered my monthly payment from $1,500 to $900, which gives us more time to strategize what we will do in the future.
davebone6195@reddit
I would recommend, if you choose default, do the following:
Get a Google Voice number and change your contact info with Navient/Sallie Mae to that number before you never log in again.
Google Lexis Nexis and Work Number and find out how to lock these down. This would help with finding info about where you work and garnishment.
Be prepared for a barrage of phone calls daily wanting to collect from you. As long as you put on the Do Not Disturb, your phone will never ring. Just wait it out, the calls will stop in about 6 to 8 months, and then the emails and letters will begin. If you can afford to settle, wait for the best offer for you. Otherwise, good luck!
Crinklytoes@reddit
Example of recent successful forced strategic d... ---> Year 2019, after Mohela incorrectly processed a Sallie Mae Total Permanent Disability.
Will Fall off credit reports in 2026.
Sometimes strategic stuff is needed, when nothing that can be done, unfortunately.
escondido311@reddit
I would think about strategic default. But there is a lot to consider (probably the biggest consideration is if you have a co-signer or not). Search this sub, there are tons of posts about strategic default.
Temporary_Record_374@reddit (OP)
I did a lot of digging yesterday. Unfortunately, both my parents are cosigners and have a nice life in Florida. They work part-time and are retired with a nice home. I am pretty sure Salie Mae would target them.
lf1216@reddit
They cannot do anything if it’s their primary home and they cannot touch their retirement either. I would try to find a lawyer to discuss options.
russ8825@reddit
I just went with Yrefy to get a more manageable payment. You have to be in default or about to be for them to take over your loans. They do 20 year fixed rate loans, mine went from over 1k a month to 580.
agentpurplek1@reddit
Im in the same situation actually. I’ve been really thinking about just giving up on the payments