[loanflunky]

I will start with the painful fact that I'm not very good with money.

That said, I have a student loan that has become almost impossible for me to pay back especially since I'm a (not so well paid) teacher.

What happened was that I was in the Peace Corps. I called SallieMae to get the deferrment form, or whatever form I needed because I was going to be away for 2 years and would not be able to pay for the loan during that time. They sent "a" form, which I completed and sent. I went into the Peace Corps thinking that I had taken care of that.

When I came back, I found out I was in default and they had added all sorts of late fees and who knows what else. I tried to explain the situation, but they didn't want to hear it. They said that they had mailed me stating that the form I completed was the wrong one and needed to complete and send the correct form. Being in Africa, I didn't receive this letter.

A few years ago, I had to consolidate the loans with SallieMae. Otherwise, I'd be paying $500.00 a month that I couldn't pay.

So, my problem is that I have a student loan that I will probably never be able to pay (unless I win the lottery).

My question is... can I do anything about having all those late fees and things removed from my loan to make the load a little lighter? I can't seem to talk to anyone at SallieMae who wants to help me.

Another question...when I die, will anyone in my family be stuck with my stupid loan?

A million thanks,
loanflunky

[aaron]

They said that they had mailed me stating that the form I completed was the wrong one and needed to complete and send the correct form. Being in Africa, I didn't receive this letter.

Lovely. So it would seem that they make a mistake, you act in good faith, then they send you a notice that they need a new form after it is too late for you to do anything about it.... You may have had a remedy in relation to this series of errors; I am concerned, though, that any opportunity to avail yourself of it may have been lost by the passage of time and your refinancing of the loan.

My question is... can I do anything about having all those late fees and things removed from my loan to make the load a little lighter? I can't seem to talk to anyone at SallieMae who wants to help me.

Are these late fees from the original loan, or are they from the new consolidated loan? I don't think you are going to have any luck getting fees from the former loan deducted from the current loan, unfortunately.

You couldn't find anybody at SallieMae willing to help? I can't say that I'm surprised. When we refinanced my wife's student loans, after a series of obnoxious errors by SallieMae (which actually continued past the payoff date) we couldn't get away from that company fast enough. I know our experience is unlikely to be representative, but it left me with no warm feelings for that outfit.

Another question...when I die, will anyone in my family be stuck with my stupid loan?

No.

[loanflunky]

Thank you for your reply.

I guess I have to live with having to pay SallieMae for the rest of my life.

[deleon]

i worked as a financial aid officer for over 4.5 years so I know somewhat about this.

Yes, your students loans (stafford sub and unsub) die with you So that is a good thing. Your family will not be responsible for them,unless you got alternative private loans where they co-signed.

I doubt at this point, especially if you already had all the fees, added costs rolled into the cosolidation that they can do anything about it.

I had a number of students who joined the peace corp after attending the university. The general consensus was.... this was their choice. Not trying to be rude, but when borrowing money you always need to think about how you are going to pay it back. it's water under the bridge now, you can't go back and change it. But really it comes down to that, my students wouuld get so upset that they had all this debt they didn't know how they were going to pay it back etc, yet they were more than willing to sign the loan papers without even reading the bottom line. That is one thing they shoudl have thought of before joining the peace corp.

One thing you might look into is if your job or county has a program where they contribute towards your student loans. A couple of my students worked in education and asked about "loan forgiveness program." they ahve to work for the place for 4 years etc but the employer will help towards they loans a set amount each year. That is always one avenue to look at. Another avenue, before getting hired, ask if they have a program like that or would be willing to contribute toward the loans as part of the salary/benefit negotiating time. It's been known to happen.

I feel for you I really do. I have a 40,000 student loan. As much as I don't believe in finance charges/interest you might consider lengthening your repayment time. I know you have up to 30 years now. which is ridiculous. Obviously you wouuld be paying more in interest versus but at least the payments would be smaller.

My students would get very frustrated with me because I would always discuss their loans etc with them. For my students that borrowed money for living I would say ..."Buying a $10 pizza now will more like a $30 pizza by time you pay back you loans in 20 years". Is the pizza worth 30?

Good luck.

[JoefromMichigan]

I will start with the painful fact that I'm not very good with money.

That said, I have a student loan that has become almost impossible for me to pay back especially since I'm a (not so well paid) teacher.

What happened was that I was in the Peace Corps. I called SallieMae to get the deferrment form, or whatever form I needed because I was going to be away for 2 years and would not be able to pay for the loan during that time. They sent "a" form, which I completed and sent. I went into the Peace Corps thinking that I had taken care of that.

When I came back, I found out I was in default and they had added all sorts of late fees and who knows what else. I tried to explain the situation, but they didn't want to hear it. They said that they had mailed me stating that the form I completed was the wrong one and needed to complete and send the correct form. Being in Africa, I didn't receive this letter.

A few years ago, I had to consolidate the loans with SallieMae. Otherwise, I'd be paying $500.00 a month that I couldn't pay.

So, my problem is that I have a student loan that I will probably never be able to pay (unless I win the lottery).

My question is... can I do anything about having all those late fees and things removed from my loan to make the load a little lighter? I can't seem to talk to anyone at SallieMae who wants to help me.

Another question...when I die, will anyone in my family be stuck with my stupid loan?

A million thanks,
loanflunky

Wow join the club! I got messed over by an online school, owe them 15 thousand, and live in Michigan where there are no jobs at all! I defaulted and the loan was passed to a company full of sharks who do not hesistate to let me know that I have no rights at all now, and they they are gonna take anything I own! We rent, and basically only OWN a car....So Imma make sure that ends up in my mothers name...So here I am with twin boys, one income ( my wifes') a 15 thousand dollar debt, and a company in charge of it who would care less about our situation....

It really is hard to believe that when it comes to loans from this company, you have no rights! It just doesn't seem American....

[JoefromMichigan]

Oh and they also pulled the same thing on me only with a hardship forebearance...The beginning of this year they offered me one...I filled it out and my wife faxed it from work...Went to my wifes' sisters wedding, came back to a letter that said we defaulted...Best part is that they claim now that I was defaulted last year!

Before all that they lost five grand of the loan, and after making me search for it for just under two years because they pretty much told me it wasn't thier problem, it turned out they had it for more than half of the time I had searched for it!

Along with that thier were some issues with my bills every month coming in with different amounts each time...Sometimes the amount I owed was lower sometimes higher...

This company is criminal if you ask me, and really as far as I can tell its patrons have no rights!