Needs some advice Currently I have Sallie Mae Loans, 2 are forbearance (10/2008 back to repayment), Signature loan in repayment (My step-dad co-signed that one)finally current and on time for the last 8 months, SLMF-RIPIC (Career Training loan) paying but not what is asked. Today, I received a letter from ARM wanting to settle debt (reduced rate)with SLM Financial for $8569.74. Now on the Sallie Mae website the balance is $8,581.22 (7809principal + 771 interest).. not a big difference. So my question is should I call them (ARM) to settle for reduced rate or continue to pay Sallie Mae. I have done that on an a credit card but still received letters from collection agency reflecting the payment I made directly to credit card company. I am trying to clear up my credit and get myself back on track. It is hard being a single parent of one and sitting on the fence with possible job layoffs this week. Any positive advice is helpful. PS: Thanks myfico for tons of helpful advice (I am addicted to the forums)
Thanks, i do know that per my credit reports show up as late. But the amount they show is not that different from what Sallie Mae shows that I owe. So far no collection fees. I will try to get in contact with them this week (when i can find the time). before you say it, i have the letter taped to the front of my computer so I will not forget. 
I have a another question for you, since you were in the Loan business. Have you ever heard of Sallie Mae threatening people? When talking to their CSRs when they would call me about the loan and so call given me options (which of course was not to my benefit). I was threatened, which i thought was so unprofessional that i did not know what to say. One of the CSRs one time (when I was unemployed) told me to get off my *bleep* and get a job. Another told me that I should pay them instead of paying my rent. When I said that my child needs to have a roof over her head instead of out on the street. Her response was well that is your choice you need to give us the money you owe. in short she told me to "skip my rent and pay them". Sorry Eviction is not for me. Is this common practice? I have seen stories like this on late night news.
Thanks again, my federal loans will be in repayment in October. Yeah I documented but i was just hung up on them while they were still talking I was so upset and in shock. I will contact ARM probably today after work and see what happens. I will keep you posted. Thanks again for your advice.
Well I am on the phone with ARM as I am typing this. They want me to pay $6855 with in 3 months or $4287 by the end of this month. The Rep went to get her Supervisor. I will see what she is trying to work out. Until I can pay it down they are will to accept $75-100.
Just got off phone. Oh gets better for payments online: $4.95 by check, 3% if paid by debit or credit card, or $8.95 by phone. The supervisor was very nice but the fees is crazy. Can you say payment by mail or from bank online bill pay.
BUMP!
So I sent ARM the payment instead of doing the online payment (fees were crazy). I did not see the payment post to them. I check my Sallie Mae account and the payment posted there saw this while making payment on another SM loan). Do you think I should go back to paying Sallie Mae directly or send ARM another payment? So far I have only sent them one payment.