Credit Card Center Advertiser Disclosure

Senior Contributor
Posts: 3,240
Registered: ‎04-03-2008
0 Kudos

Re: How Do I Negotiate With Sallie Mae - Your Advice + Experience Please!

Wesley23 wrote:

...The fact that these private non-dischargeable loans exist points to a much larger problem-- the government is not doing enough to help people through college. The solution isn't to make Sallie Mae richer by making their debtors indentured servants to the corporation via legislation. The solution is to make Staffords and PLUS loans easier to get.

The real solution is to make grants and scholarships much easier to get.
TU 791 02/11/2013, EQ 800 1/29/2011 , EX Plus FAKO 812, EX Vantage Score 955 3/19/2010 wife's EQ 9/23/2009 803
EX always was my highest when we could pull all three
Always remember: big print giveth, small print taketh away
If you dunno what tanstaafl means you must Google it
Frequent Contributor
Posts: 465
Registered: ‎06-13-2008
0 Kudos

Re: How Do I Negotiate With Sallie Mae - Your Advice + Experience Please!

Education is affordable and accessable if you make the correct choices and plan properly.  Biggest problem as I see it is that we live in a "gotta have it all now" society.  I come from single parent household and it came down to if we wanted to go to college, we had to pay for it.  I worked and saved thoughout high school and my summers.  I got good grade and got scholarships.  No car, no expensive clothes, modest family vacations.  In other words, I worked my ass off.  I got my BA and went to law school and ended up with less than $10,000 in debt. (I graduated in 83.)  When I got a job, I shared an apartment, took public transportation and paid off my debt in just over 2 years.  Yes, expenses were lower back then but so were salaries. 
When I worked financial aid, rarely did I see students with much savings.  They didnt want to take work study because it would take time from the "college experience"...i.e....partying.  I saw a lot of stupid choices. 
My advise to those of you who have kids.....
1.  Make sure they complete as many AP courses as they can while in high school.  Any college credits you can get while in high school are a huge savings in the long run. 
2.  Complete your general education courses at a community college....huge savings there.  Then transfer your credits to a 4 year college.
3.  Attend state schools for undergrad.  A Harvard undergrad degree is really no better that a University of Minnesota or Wisconsin degree.  There are a lot of great state schools with grad programs too!
4.  Stay away ....I mean run away from proprietary for profit schools.  University of Phoenix is a great example of a degree mill.  Employers chuck resumes with that school listed.  ITT is another one.
5.  Live at home if at all possible.  Take public transportation.  In most major cities you can live without a car. 
6.  Start saving early.  My girls are 10 and 12 and we have been saving since birth.  We make it a point to put something in their education accounts each month.  When my hubby was unemployed we still managed to squeek $20 a month into their accounts.  Even my girls will add money to the accounts from their birthday and christmas money. 
Post secondary education is not a right in this country.  If you cannot afford, obviously you will have to borrow to attend.  Borrow the minimum amount possible
Ex-Financial Aid Officer

Ex-Student Loan Collector
New Member
Posts: 6
Registered: ‎06-08-2008
0 Kudos

Re: How Do I Negotiate With Sallie Mae - Your Advice + Experience Please!

Thank you to everyone who posted, especially LynnInMN, I appreciate the clear-headed and objective advice of an ex-professional in the student loan field. Your assessment was not what I had hoped to hear, but it is the reality, and that's all I've been trying to get at here with soliciting everyone's advice, so thank you.
And with that I have an update: I discovered that on this loan, in my state, if I as co-signer make 24 consecutive payments on the loan then I am free and clear off the hook on future obligations and payments. This is a private loan, issued in a particular state, so if my situation applies to you, please don't assume the 24 months applies to you as well. Talk to your loan agency and ask them to review the fine print of the loan with you and find out what are the legal ways for you to be released from obligation on the loan. So, I intende to make 24 payments, it is painful, but not as bad as paying off the full loan amount, and it protects my credit that I have worked so hard to build up.
I will also post a separate thread on the subject of co-signing, and why not to do it, I want other people to learn from my experience.
New Member
Posts: 6
Registered: ‎06-08-2008
0 Kudos

Re: How Do I Negotiate With Sallie Mae - Your Advice + Experience Please!

I have just completed my new post on cosigning student loans on the Student Loans forum:
Cosigning Student Loans - Learn From My Mistakes - Please Read
If you are thinking of co-signing a loan, or know someone who is, or who may in the future, I ask you to please pass them a link to my posting. It will open their eyes to the reality of what they are getting into, and could literally save their financial life.
Peace, health and happiness.

Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.

† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
‡ Credit cards for FICO Score ranges: The score ranges are guidelines based on internal myFICO analysis of actual applicant approvals, and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range. These ranges were not provided by any card issuer.

* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.