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  1. #1
    Join Date
    Apr 2010
    Posts
    2

    Default Cannot Make Minimum Payment on Private Student Loans

    My question involves collection proceedings in the State of: OHIO

    I have currently have $66k in loans from Sallie Mae, I went to a culinary school in PA. I currently make $8.00 an hour. I am supposed to pay around $680.00 a month which is interest only payments. I cannot make the payments and now I owe over 2000 in back payments. I have exhausted all my forebearance and deferrment. I dont know what to do, I have no family willing or capable of helping me. I have my first child due in August. And am making roughly 500-600 a month total, which is barely enough for our monthly rent. I dont know what to do, I was told bankruptcy wouldnt work because of private loans. The only other option I have is to just default.

    if anyone could help I would be super appreciative. Thanks
    phil

  2. #2
    Join Date
    Jun 2009
    Posts
    21

    Default Re: Cannot Make Minimum Payment on Private Student Loans

    Have you contacted the lender? Based on your monthly payment, you seem to be on the 10 yrs repayment schedule. One thing you can do is to convert it to longer term (30yrs) which will lower your monthly payments.

  3. #3
    Join Date
    Apr 2010
    Posts
    2

    Default Re: Cannot Make Minimum Payment on Private Student Loans

    Summary repayment schedule for your account

    Payment schedule
    Begin date
    End date
    Total amount
    to be repaid

    153 months @ $824.89 05/10/2010 01/10/2023 $127,035.31
    1 months @ $827.14 02/10/2023 02/10/2023


    Detailed repayment schedule for your loans

    Loan #
    Current payment plan/
    Status
    Payment schedule
    Begin date
    End date
    Total amount
    to be repaid

    1-01 Standard/Level / Repayment 153 months @ $348.64 05/10/2010 01/10/2023 $53,691.43
    1 months @ $349.51 02/10/2023 02/10/2023
    1-04 Standard/Level / Repayment 153 months @ $394.63 05/10/2010 01/10/2023 $60,773.59
    1 months @ $395.20 02/10/2023 02/10/2023
    1-07 Standard/Level / Repayment 153 months @ $81.62 05/10/2010 01/10/2023 $12,570.29
    1 months @ $82.43 02/10/2023 02/10/2023

    Breakdown by loan program type
    Private Student loans

    Loan #
    Current payment plan/
    Status
    Payment schedule
    Begin date
    End date
    Total amount
    to be repaid

    1-01 Standard/Level / Repayment 153 months @ $348.64 05/10/2010 01/10/2023 $53,691.43
    1 months @ $349.51 02/10/2023 02/10/2023
    1-04 Standard/Level / Repayment 153 months @ $394.63 05/10/2010 01/10/2023 $60,773.59
    1 months @ $395.20 02/10/2023 02/10/2023
    1-07 Standard/Level / Repayment 153 months @ $81.62 05/10/2010 01/10/2023 $12,570.29
    1 months @ $82.43 02/10/2023 02/10/2023



    Here is the specific informaiton on my school loans through Sallie Mae, it is showing a like 13 year payback plan. Sallie Mae said they do not offer a 30 year repayment plan so thats a no go.

    According to Sallie Mae, I can get interest only payments at 630.00 a month as opposed to the 843.00 a month. That is the lowest they can make my payments.

    They said the only other things they could do is deferment if I am in school or military. Ive told them I cannot make $600 or $800 at all. I have one loan that I can realisticly pay back and that is 81.00 a month.

    RIght now I just am thinking default is the best option.
    What is the % of wage garnishment they can take? All of my tax returns?
    Can you file bankruptcy on a defaulted loan?

    I dont see any other option than defaulting and have no one else to help.
    I talked to a student loan relief organization who said they could help but I would have to pay them $600 to help me find out information about my loans.
    I just need help, suicide isnt an option yet.

  4. #4
    Join Date
    Jun 2009
    Posts
    21

    Default Re: Cannot Make Minimum Payment on Private Student Loans

    Quote Quoting philhall83
    View Post
    RIght now I just am thinking default is the best option.
    What is the % of wage garnishment they can take? All of my tax returns?
    Can you file bankruptcy on a defaulted loan?

    I dont see any other option than defaulting and have no one else to help.
    I talked to a student loan relief organization who said they could help but I would have to pay them $600 to help me find out information about my loans.
    I just need help, suicide isnt an option yet.
    If you really make $500-600/month they won't garnish your wages. Anything you make up to 30x the hourly minimum wage per week is safe (that is 30 x $7.25= $217.50). Since you don't seem to be making more than $217.50/week, nothing will be garnished. If you start making more than that, they can garnish the amount above that treshhold up to 15% of your disposable income.

    Don't pay the $600 consulting fee. You can find non-for-profit organizations that can help you for free and also find info on the internet. Also, discharging loans in bankruptcy is VERY hard but not impossible but unfortunately my knowledge in this area is not extensive enough.

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