Share your private student loan story
Posted by higheredjourno@reddit | studentloandefaulters | View on Reddit | 7 comments
Hi all — my name is Ayelet Sheffey, and I'm a senior reporter at Business Insider covering student debt. For the past few months, I've been digging into private student loan lenders, and particularly, how lenders communicate (or don't communicate) with borrowers once they fall behind on their payments. For example, was there confusion regarding the status of your loan? What types of notifications/documentation did you receive? And did the situation resolve, either through a settlement, litigation, or something else?
My goal is to shed light on the complex lending system and the emotional and financial burden it can place on borrowers. If you are comfortable sharing your experience with me, I would love to hear it; you can message me here, send me an email at asheffey@businessinsider.com, or message me on Signal at asheffey.97. I would never publish any information you share without your permission.
I hope to connect with some of you, and I truly appreciate all of your consideration.
higheredjourno@reddit (OP)
Also including a link here to my author page, where you can see more of my work: https://www.businessinsider.com/author/ayelet-sheffey
Irritated_Compassion@reddit
Hi! I sent you a DM and an email. I have one heck of a private loan story of my own to share, if you’re interested. I’m also part of the Sweet v Cardona/McMahon post class and have been denied discharge of my private loan for the same school. I’d love to chat if you’d be willing to listen. Thanks!
JulesVideoArchive@reddit
I’m 26 now when I was 18, I ended up taking about a $250k out for a public institution 55k per year for 4.5 years, sitting at about $280k now. Hindsight not the best idea in the world but I figured with a degree in computer science a job would’ve been guaranteed, and I genuinely loved the school I attended and couldn’t see myself anywhere else anyway.
The first year out I had a job moved out and was saving money maxing my Roth, after 10 months the contract ended and I haven’t been able to find work yet. Started an insurance agency, need money that I don’t have to fuel it. Recently began day trading. They asked for 4k a month and said there’s no plans since my loans are private. There’s no payment plans and no consolidation or debt relief companies will take me on. Even called Dave Ramsey and they sent me a book about proximity to high status individuals. I’d default if I could but my father is co-signed on 4/5 loans, that of which is in collections now. Went to a bankruptcy lawyer a few months ago, she said Sallie Mae won’t sue cause they have too many people in line to get to before me (lol) credit took a shit and hasn’t really recovered.
The only loan we’ve kept up with has my uncle co-signed on it and we can’t let that one go. I pay 850 a month now, and while I apply to jobs daily and try to get the businesses and day trading to work, I only make $1200 a month part time and live at my parents. They provide $500 for the loans and I pay the other bit for the time being. I’ve been stuck in limbo for three years now, basically behind every month or barely scraping by. All Sallie Mae does is call and say I’m late, there’s really no way out. I’m doing everything I can but it’s never enough. Two interviews the last few weeks, I don’t have the time to do some 8 week certification program and get an entry level job, I’m already behind. Very frustrating
hlaiie@reddit
That gives me hope they won’t sue me then lol. I’m sure a lot of people are about to default.
JulesVideoArchive@reddit
They won’t. Calls come in and I just block them. They likely literally don’t have enough lawyers or the need to sue us
JadeKelly_0427@reddit
what about wage garnishment?
Impressive_Brain5734@reddit
With private loans, this only happens if they sue you and win the case. But if you work w/ a student loan attorney negotiations such as repayment plans can be made before garnishment is even an option.