My question involves collection proceedings in the State of: Missouri
I have a private student loan with Sallie Mae in which I am a cosigner. I keep getting calls from them saying that my loans will soon be in default. I have tried previously to explain to them that I cannot pay the high payments, but have been sending what I can. The did not seem willing to work with me on this and at this point I have just given up. My mother is the borrower on this loan and she is unable to make the high payments! Would it be better to let it go into default or to file bankrupcy on the loan? What is the process once the loan has gone into default? I know that it is my responsibilty to repay the loans, but is there any other process that will allow me to repay these loans at a lower payment without going into default? I have read on the federal financial website about loan rehabilitation, but does this also apply to private loans? Sorry for all the questions, but I can't seem to get any help from Sallie Mae!!!![]()

