When you can’t pay your student loans and they will no longer allow you to put them into deferment any longer?
StudentHelp аѕkеԁ:
student loans wіth sallie mae аnԁ i саn’t federally consolidate thеm аnԁ thеу won’t Ɩеt mе рυt thеm іntο deferrment. аnу advice??
student loans wіth sallie mae аnԁ i саn’t federally consolidate thеm аnԁ thеу won’t Ɩеt mе рυt thеm іntο deferrment. аnу advice??
September 10th, 2009 at 3:36 pm
Yes.
Contact Sallie Mae and tell them that you want to work out what’s known as a “reasonable and affordable” payment plan. It may take a while to get the right person to talk to you, but stay firm and above all else, polite. Eventually, you’ll reach someone from the right department.
Sallie Mae does not want you to default on your loan – they’ll make more money in the end, but it’s a headache that they don’t really look forward to, despite what some people honestly believe. They’ll work with you to design an affordable plan – but:
1) you have to be reasonable in your expectation – you’re not going to be living the good life while making minimal payments on your loans
2) you’ll have to provide satisfactory documentation of your financial hardship, and you must be able to demonstrate that you’re making a reasonable effort to earn a half-way decent living. A borrower’s preference to lie around the house all day and play video games is not going to get them a special payment deal from the lender.
There are alternative payment plans that Sallie Mae will eventually offer you, but you have to be sincere in your assurances that you respect your legitimate debts, and that you have every intention of honoring your obligations. They’re not going to feel sorry for you because you borrowed too much money, and they’re certainly not going to let you blame that on them or the terms of your loan – you knew what those terms were when you agreed to them. They do understand financial hardship, and they will work with you if you’re willing to work with them.
Good luck – remember – persistent and unfailingly polite.