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Posts Tagged ‘sallie mae’

In July of 2005, my wife filed Chapter 7 bankruptcy. In her bankruptcy, she included a private student loan to SLM Corp on the order of 00. I am aware that government backed loans are not discharged in bankruptcy , but from my readings, private loans, such as the Signature Student Loan from the Sallie Mae subsidiary SLM Corporation were dischargeable before the enactment of the new bankruptcy laws in October of 2005. SLM is now attempting to collect on this loan, and is calling 5 times per day, refusing to provide requested documentation, and is in general being an @$$. How do we get SLM Corp to stop trying to collect on this debt? What’s the steps in filing the necessary paperwork with the bankruptcy court? Are there any Denver based attorneys willing to help us with this who read here?

Warning: RANT AHEAD: Read only if you want to hear another sob story about Sallie Mae and their downright abusive treatment of borrowers.

What’s truly rich about this is that my wife is still in school. All the options available to public loans, such as in-school deferment, Income Based Repayment and Income Contingent Repayment, hardship forbearance, unemployment forbearance, and so on which excuses the public student loans from being dischargeable are not available for this private loan. My wife is a full time student, and is living now on student loans while getting her master’s degree, but because of this early bachelors degree loan, she would have to contemplate dropping out of school and trying to find a job in this economy to pay this loan back, if she owed it.

All the lawyer firms locally say that they won’t touch the case because ‘Student Loans are not discharged in bankruptcy’. Yet online, there is site after site stating that non-governmental backed student loans only became non-dischargeable after the new bankruptcy laws of 2005. I’m hoping that I can find an attorney who can help us.

BTW, Sallie Mae? If any of your goons are reading this, perhaps they can take this message back to you. You know that nearly ,000 in student debt that you have that is Federally guaranteed? This summer, we’re consolidating it with the Federal Direct Loan my wife got last year. Say bye to all that interest. And I’m going to recommend this course of action for everyone who has a Federal loan through you.

Default: The Student Loan Documentary is a feature-length documentary chronicling the stories of borrowers from different backgrounds affected by the private student lending industry and their struggles to change the system. In 2005 private student loans were exempted of ALL consumer protections. No matter when their loans were taken, many borrowers now find themselves in a paralyzing predicament of repaying two, three or multiple times the original amount borrowed, with no bankruptcy protection, no cap on fees and penalties and no recourse to the law. The consequences are dire, with stories of borrowers in financial and emotional ruin. www.defaultmovie.com A film by Serge Bakalian and Aurora Meneghello

I have 4 student loans 3 through sallie mae and a personal one. all totaling about 63 thousand dollars. I am curently living with my boyfriend who has his own house which he stillpays on and we want to get married in the next two years, and start having a family and we also want to build our own house with the money we will get from selling our house now. but my question is how do I handle my debt and still be able to have a wedding and and be able to still do things i.e. vacations and normal stuff start a family and such. I want us to be able to pay off our debts and be able to save money as well. we want to be financially set but I fell my student loans are going to be a problem. we are doing fine now and he is doing well, good job and has his bills situated. I wan to get those loans paid off as soon as I can but with different loand and interests what should I do. I heard it will look bad on your credit if you consolidate? How do we become financially independent.
Also I might add that I am only working part time now and I am going to be getting a degree as a radiographer. I have changd my major about 3 times and this is it! But I have teo more years left and one year of internship which I dont get paid for. So I want to be smart now and get my self set up.