Salie Mae Loans
Posted by Temporary_Record_374@reddit | studentloandefaulters | View on Reddit | 10 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.
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.
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.
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.
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