Sallie Mae Student Loans are about to default
Posted by MediocreNebula7086@reddit | studentloandefaulters | View on Reddit | 12 comments
Hi everyone,
I owe Sallie Mae around $34,000. My loans are going to default today. I haven't been able to pay the minumum for the past 4 months so I was paying the rollback to keep it from defaulting. Currently unemployed, ran out of my investment. This is how I was paying my student loans and credit card ( also behind). I've been reading to prepare. Do I get a lawyer immediately ( don't have money for one) or do I only do that if they sue? Hopefully I will get a job soon and I can settle for less. I don't have a cosigner very thankful. I just want to be prepared. Any advice would be helpful.
LuckyGas8914@reddit
Hey, honestly, don’t stress about getting a lawyer right now. Your main focus should really be on finding a new job first. Once you land something, then you can think about negotiating with those loan companies... they're not exactly the best to deal with anyway.
Better_Essay_7131@reddit
Mine defaulted already. Don’t get a lawyer just wait it out. These private student loan companies are the devil
MediocreNebula7086@reddit (OP)
I spoke to them this week. They told me it has default yet until 120days so I have until the end of the month. But it’s good to be informed and prepared for anything.
AReckoningIsAComing@reddit
Let it default and ghost the fuck out of them, otherwise you will never get out of this vicious cycle.
morbie5@reddit
No, don't get a lawyer rn. Priority 1 is to get a new job. Once you have a new job then try to negotiate a settlement with salle mae. What are your interest rates?
MediocreNebula7086@reddit (OP)
Yes, been applying like crazy. The big loan is 11.5% because like an idiot I didn't get a fix loan. The smaller one is a fix loan of 8.5%.
morbie5@reddit
They should be willing to negotiate with you especially since you don't have a cosigner.
What was your income before?
MediocreNebula7086@reddit (OP)
Yes, I’m going to contact. I was making around $60,000.
morbie5@reddit
I'd offer to settle at like 30%, see what they say
MediocreNebula7086@reddit (OP)
I’m going to contact them once I have a job because I won’t be able to settle without having the money 🤣
morbie5@reddit
Good idea, also you may be eligible for Medicaid while unemployed fyi. What state are you in?
AskGradLoanAdvice@reddit
Nothing much to do there then, what morbie5 said ☝️ New job Next chapter