My question involves collection proceedings in the State of: New York
Hi guys. I have an extremely huge problem right now and it pertains to Sallie Mae. If i knew how awful these guys were, I should have never applied for loans from these guys. I really have no idea what to do and no where to ask, then I stumbled into this website. Here's my dilemma.
Back as an undergraduate, I took out several loans using Federal Aid. Currently I have 3 lenders that are handling my federal loans. All of which are in great standing and currently in in-school deferment. (My federal gov't debt is roughly around $7000)
My issue is with Sallie Mae Private Loan. Around 2 1/2 years ago, I got accepted and had decided to attend Columbia University. The cost of tuition was fairly high and after exhausting my Stafford and Perkins Loans I ended up signing up for a private student loan and had my mom as a cosigner for Sallie Mae for about $38,000.
It worked out well. After graduating from Columbia I decided to take a 1 year break before heading to Medical School. After 6 months, the grace period for all of my loans both federal and the SLM private loan went into repayment. I was capable of paying the federal loans monthly payment as I had a part time job during my break. However Sallie Mae was really killing me already with a 400 per month payment. Roughly 3 months prior to the start of my medical education I decided to go for forbearance. All of my federal loans had granted me 1 years worth of forbearance. Although I only needed several months to delay the repayment so I can switch to in school deferment. Again I have no problems whatsoever with federal aid.
Sallie Mae however gave me a mandatory payment of that month I requested for forbearance. I did so and received one.
Fast forward several months, I am attending a foreign medical school (accredited and US board of education affiliated) I was able to din school defer the status of my federal aid. I sent all documents to all of my lenders but it was Sallie Mae that gave me the problem.
I sent the, my registration form, acceptance letter, everything that I can think about to prove my enrollment. It was not easy faxing information from a foreign country. Near November, I received a emails stating that I am a deliquent and been late to on my payment, even though I already sent them all the documentation of proof. They even contacted my school's registrar which they backed up my application and enrollment. They then sent me a document for an in school deferment form which I had my school signed fill out and I fax sallie mae. I receive no more emails from them and I assumed everything went well. Several months after, I was not informed by them and was basically put into default and basically destroyed my hard earned credit and my mom's credit as well.
They knew I was enrolled with documentation I provided them and yet they didn't give me a temporary forbearance until all required documents that they wanted filled out is returned to them They just simply continuously charged me as a deliquent and defaulted me without my knowledge. upon my return I received a very bad news and I feel really awful that my mom was also negatively affected by this.
Here is my problem:
I called Sallie Mae today and was basically bounced around from department to department. Every time I repeat the story and ask them how I can work with this problem.I have no problems whatsoever paying off the loans, but I cannot do it right now: I'm in medical school full time and I have no job. I have every intention of paying it once I'm residency. All Ive been asking Sallie Mae is to help me fix this mess, stop (collectors) harrassing my cell phone and my mom, and to give me a deferment until I can graduate and pay off my loans. The only thing I hear from them is "sorry we cant help you and you must pay your debt right now" Where am I going to get that amount of money? Even my parents doesn't even have that amount of money.
Please, is there a way for me to solve this problem. After browsing this website, is there some sort of consolidation I could do? I'm not sure where to begin, Sallie Mae's reply all the time to me is "pay the full amount". Those b*st*rds are very apathetic and unhelpful. I just need the loan pushed until I can graduate and start working. How do I go about doing so?
My NEXT and MAJOR CONCERN would be my FAFSA for this coming year. Again my federal loans are clean so I have no problems. The issue with Sallie Mae is private loan matter. Will the default with Sallie Mae Private loan make me ineligible for FAFSA for next semester? If I can't continue medicine how am I going to be able to pay for this in the future.
Thank you so much for reading this long excerpt and helping me out with my problem. Please I just need some feedback.