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04-23-2014 04:07 PM
05-25-2014 07:40 PM
Actually, private students loans CAN be bankrupted-- if you fall under the specific circumstances that allow for it, which is basically hardship. (Even federal student loans can be). So, don't just assume you are stuck forever. Along with hardship, you have to show you made good faith efforts to pay. PRIVATE student loans are basically unsecured loans. The bank has to secure a judgment against you in order to garnish your salary or attempt to take any other assets from you. Federal student loans don't have to go this route. If virtualoha already has $36k in credit card debt, AND there is the possibility that he could reduce either or both loans (slim to none given his financial comfort level), AND repaying his student loans on top of everything else is going to put him in a financial stranglehold-- I would bankrupt. He doesn't have a house to lose. He should accept the 50% reduction the private student loan offered and get rid of it-- put the payments that would have gone to credit cards towards the loan instead. (A sinful suggestion on a FICO site, no doubt).
The question I have, and would like answered by anyone is, IF one does go to court and gets a judgment against them for their private student loan... how does the post-judgment interest work? At the time my son's loan was taken out, it was only months before the financial collapse and interest was very high-- close to double what it is now. WI law states that post-judgment interest can only be 1% over the current rate. So... does that mean that the interest on the loan would be REDUCED as a consequence? Or just that there wouldn't be any additional post-judgment interest attached to loan? I mean, you can't get interest attached to interest, can you?
10-25-2014 04:22 PM
05-27-2015 09:35 PM
Hi, I am hoping someone can help me.
I just recently graduated from a nursing program in NJ. I am trying to register to take my state licensure exam and when registering it asks if you have any student loans in default. It then states that if you do, you must submit documentation stating that you are making payments or will be making payments.
I called the student loan provider; they told me it was charged-off and was put into collections; they transferred me to the collections agency. I spent the next hour on the phone with this lady and got no where. She told me to get any type of documentation about payment or repayment I would have to pay the settlement amount of $23,000. I make that much a year so there is no way I could come up with that amount. Then she states that I could make a down payment of $6,400 and pay $400-500 a month but I would not get any type of documentation showing that I was paying it. Again, I cannot afford or come up with a down payment of $6,400 or pay $400-500 a month (that is more than 1/3 of what I make a month).
Is there anything I can do?? I am more than willing to make payments but what they are telling me are the options are not within my reach. I just need documentation to be able to take my state test to then make the money necessary to pay what they want me to pay. Please Someone Help Me.
05-28-2015 12:30 PM
Have you talked to the state agency that handles the test? Sometimes these type of rules only apply to federal loans - if they do include both private and federal, they should be able to provide you some guidance on how to get the information that they need. They may even be able to contact the collection agency on your behalf, or suggest alternate documentation (like bank statements, or an account statement) that can be used.
05-28-2015 01:42 PM
In order to get them to work with me I made a complaint to consumer finance and I got in contact with Sallie Mae student advocate office. I gave them a down payment and now I’m making $100 a month until pay in full. Now they reduced my interest to .01% because I haven’t missed any payments. Below are the link for the consumer finance and the number for Sallie Mae student advocate. I hope this helps.
Sallie mae student advocate:
01-19-2017 05:20 AM
So basically its nothing we can do. I have a family to support so the heck with those loans when they offer non fair payment options. How am i suppose to come up with $17000.00? Eveyone acts like this is a easy amount to pay back and get another loan when your cresit is in the crapper already. How about i pay $2300 a month in child support and my rent $1000.00 and my car payment $400.. so please tell me where am i,m going to get $17000 from when I barely have milk in my fridge??
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