what to do with sallie mae loans
Posted by Resident_Face_2522@reddit | studentloandefaulters | View on Reddit | 7 comments
hi everyone, so like many on here, i'm in the situation where i took out sallie mae loans for school because i had no other options at the time, and i can't make the monthly payments they've given me ($800/month for $50k in loans), no co-signers. I make 54k after taxes as a nurse. with rent and all of my bills, the $800 is not manageable at all. i'm reading about different options, from maybe refinancing? to defaulting and negotiating a settlement? is it worth it to call them and try to negotiate? from what i've read they won't do that, and the idea of defaulting scares me since they could sue... I live in CO. i've read so much at this point my brain is fried. any thoughts or advice would be appreciated
morbie5@reddit
What are your interest rates?
Resident_Face_2522@reddit (OP)
16% ðŸ˜
ConsoleModded@reddit
That's criminal. Back in 2020 mine was like 9% and even then, after 3 or 4 years of paying them, somehow my balance INCREASED. You're never getting out of that with a 16% interest rate unless you refinance or default and take a big hit to your credit.
shuttheduckup123@reddit
Settlement is good idea if you can afford the credit drop and the lump sum especially when they go as low as 50% the loan amount
Resident_Face_2522@reddit (OP)
if lump sum is not an option what about payment plan ?
shuttheduckup123@reddit
When I defaulted back in June 2025 (stopped paying in Feb 2025) they sold to a debt collector in December 2025. They offered 50% of the amount just this past month (March 2026).
OldArm9104@reddit
Do you know when the settlements come? I called asking & they said they would only take $3000 off the $18K that I owe -.-