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  1. #1
    Join Date
    Sep 2012
    Location
    Salt Lake City, Utah, United States
    Posts
    1

    Default What Happens if You Choose to Default on Your Student Loans

    My question involves collection proceedings in the State of: Utah

    I owe $134K to Sallie Mae for private student loans. I graduated in late 2009 and have never gotten them to lower the monthly payment to something i could afford. I am now in the beginning stages of default.

    I make (on average) $550 a month with little chance of better pay in the foreseeable future, and am currently 'working' with a collector (meaning, they continuously throw payment options at me that i can't even remotely afford, and I weep, make phone calls and then call them back says i can't make that work either). I am the only person on my loans, so I'm the only one that can be hurt by whatever course of action i decide to take. I rent, don't own a car, and have no savings.

    My question is - Am i better off letting them sue me and taking me to court? Will I still be able to pay rent and utilities, and still be able to pay my /other/ student loans (much smaller amount and am current on) after everything? What is the best course of action at this point, and should I be looking at getting a lawyer?

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: Private Student Loans Defaulting

    Get off your butt and get a regular job. If these are through Sallie Mae they are government backed loans and won't go away.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: What Happens if You Choose to Default on Your Student Loans

    Why is it that you can only work, it would appear, one day per week, but don't qualify for any hardship or disability programs?

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