Sallie Mae issues
Posted by lreagan2024@reddit | studentloandefaulters | View on Reddit | 2 comments
I’m not too sure how to handle sallie mae at the moment.
I have about $130k in student loans with them and they want me to pay over $1,700 a month to cover just interest. That is not feasible for my family at all and I contacted them once to see what they could do and they could only bring it down to $1,200 a month. I’ve started ignoring them and working with Yrefy but I’m not sure if that is going to work out either because my whole family’s financial history is a mess. If I get denied from Yrefy, and I’ve been ignoring calls from Sallie Mae will I still be in favor after defaulting and probably getting sued? I’ve seen on her that people end up paying half of what they took out and it seems like that’s my only option if I get denied from Yrefy. I truly don’t know what else to do other than go to collections eventually. I’m just concerned for the rest of my life as i’m only 23 and starting off my finances on a really bad foot all because I didn’t understand how big of deal student loans were at 18. Any advice could help!
magicandfire@reddit
I'm currently delinquent (about to default in another month) on 6 figures of loans in a similar situation and Yrefy denied me because my credit sucks (duh) and I have a really bad debt-income ratio if I pay these loans (duh.) Even if they hadn't denied me, my payments with them would still have been more than I can afford because I took out so many loans. Ugh stupid. The Yrefy person I spoke to was actually really helpful over the phone so I recommend talking to them!
I'm personally going the settlement/sued/running out the statute of limitations route because I really don't have any other options and my state only has a 3 year SOL. If you have a cosigner, you need to talk this over with them before you make any decisions because they are just as responsible for your debt as you are.
lreagan2024@reddit (OP)
Yup basically my situation! The payment yerfy gave me was still pretty high but I was splitting it with my mom. My parents and I have been going through the process together trying to find a solution but there isn’t one. The SOL in my state is 4 years so we will see what happens. I’m not fully at that point yet but I’m basically there if I do get denied.
I find it funny because obviously we all are okay with paying our loans back, it’s the fact that they won’t work with us and act like it’s our fault. Like I will happily pay back my loans under the right circumstances.