topic Re: Sallie Mae Question in Student Loans

Sallie Mae Question

bvick27 — Mon, 30 Apr 2012 12:45:26 GMT

I have been trying, unsuccessfully, for the past year to remove 2 sets of lates from Sallie Mae. I recently realized that since I was back at an accredited school while these lates were reported, it may be possible to have them removed since I was in school at the time. I have some lates from when my deferrment ran out but those lates are right after I started at school and I have a few lates from right after I finished school and another deferrment ran out. Since I was in school at the time, does anyone think that if I contact Sallie Mae and have them verify attendance, they will remove the lates and the ones right after (since you normally dont have to begin repayment until 6 months after leaving school?) Any help or input on this would be greatly appreciated! If this can work I will be more than happy!

Re: Sallie Mae Question

Anonymous — Mon, 30 Apr 2012 18:13:19 GMT

Sallie mae historically will not forgive any lates. They just wont.

Just to clarify though; you receive a 6 month grace period after you finish school for the first time; but if you go back to school and stop again, there is no longer another 6 month grace period after your second schooling. Each loan is only eligible for 1 6-month grace period. After that, you immediately owe after you seperate from school.

Re: Sallie Mae Question

laz98 — Mon, 30 Apr 2012 20:00:23 GMT

@Anonymous wrote:

Just to clarify though; you receive a 6 month grace period after you finish school for the first time; but if you go back to school and stop again, there is no longer another 6 month grace period after your second schooling. Each loan is only eligible for 1 6-month grace period. After that, you immediately owe after you seperate from school.

Great response.

Re: Sallie Mae Question

01mommy — Mon, 07 May 2012 16:24:45 GMT

@laz98 wrote:
@Anonymous wrote:

Just to clarify though; you receive a 6 month grace period after you finish school for the first time; but if you go back to school and stop again, there is no longer another 6 month grace period after your second schooling. Each loan is only eligible for 1 6-month grace period. After that, you immediately owe after you seperate from school.
That's inaccurate...you are eligible for an in-school deferment as long as you are in school, even if the grace period is over...there's also another grace period everytime you separate from school, but it's shorter. If it's a Dept of Ed loan serviced by Sallie Mae, it can be automatic for all other Dept of Ed loans, but you do need to contact servicers just in case. They may be able to do it retroactively, but Sallie Mae won't remove the lates. I'm in a situation with Sallie Mae right now that I plan on filing a complaint about...what's the point in retroactively applying a deferment/forbearance if

Re: Sallie Mae Question

Whereis750 — Mon, 07 May 2012 16:32:09 GMT

01mommy - I couldn't read the end of your post "...what's the point in retroactively applying a deferment/forbearance if..." but it sounds like you may be in my situation. I'm raising the question: What's the point of retroactively applying a deferrment/forbearance if it doesn't remove the late payment reporting?

If one qualifies for a forbearance, and it is retroactively applied, why then should he/she suffer the penalties of late payment reporting to his/her credit report? What is the point of that? Penalizing someone for 7 years for making a late phone call to ask for forbearance!?!

Re: Sallie Mae Question

laz98 — Mon, 07 May 2012 17:39:11 GMT

It's not inaccurate, I just read it right on the Direct Loans website.

http://www.direct.ed.gov/leaving.html

Re: Sallie Mae Question

01mommy — Mon, 07 May 2012 20:09:16 GMT

Perhaps I shouldn't have referred to it as another "grace period" since, technically, isn't. The school has to notify the feds that you've withdrawn or otherwise separated (which could anywhere from 30-90 days, depending on when they know you're not returning) and then your servicer has to give you at least 30 days notice before your first payment. "Immediately" could be sooner, but is most often later...at least 45-60 days

Re: Sallie Mae Question

laz98 — Wed, 09 May 2012 01:20:25 GMT

@01mommy wrote:
Perhaps I shouldn't have referred to it as another "grace period" since, technically, isn't. The school has to notify the feds that you've withdrawn or otherwise separated (which could anywhere from 30-90 days, depending on when they know you're not returning) and then your servicer has to give you at least 30 days notice before your first payment. "Immediately" could be sooner, but is most often later...at least 45-60 days

Thanks for clarifying

While I agree that this is usually the case (& it has been my experience too), I would really recommend that people NOT count on that extra time, because it can lead to late payments. In my case I even emailed them to let them know that I was out of school because I didn't want them telling me I had been late, & they told me I had to wait until the school notified them! I thought, Wow, I want to give you my money & you don't want it?! I just went ahead & made the payments since they are due on the same day every month. I wasn't willing to take any chances. One late payment would have meant about 8 30-day lates reporting from Sallie Mae!