Latest Posts
Home > Ask The Get Out of Debt Experts > I Missed my Sallie Mae Student Loan Payment. Can They Lower My Payment? – Jo Alice

I Missed my Sallie Mae Student Loan Payment. Can They Lower My Payment? – Jo Alice

“Dear Steve,

Got loan from Sallie Mae – private student loan

I have not been able to paid my student loan since the monthly due amount is higher than expected (almost my whole paycheck)

My account is in default right now. I have several loans from them-different amounts. Some of them are in a collection agency… HELP!

Where should I start? Collection debts first? I have tried to call Sallie Mae to lower my payments and they can do what I can pay. Their suggestion was to let the loans be in default so a collection agency will take place and they can give lower payments… Do this sound right??

HELP I’m clueless!!!

Jo Alice”

Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click Here

The Answer

Dear Jo Alice,

Sallie Mae and other private student loans have limited options for making the payments affordable. Government backed loans have lots of options.

The place to start on this would be with the servicer or collection agency contacting you. I would not be in favor of an intentional plan to default on the loans. The penalties for defaulting, including the potential for an administrative wage garnishment as severe.

If you are struggling to make the payment, even though your options are limited, reach out as early as possible to investigate your options.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

I Missed my Sallie Mae Student Loan Payment. Can They Lower My Payment?   Jo Alice
Get Out of Debt Guy – Twitter, G+, Facebook

If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.

I Missed my Sallie Mae Student Loan Payment. Can They Lower My Payment? - Jo Alice by

Share This and Spread the Word

About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.

Get My FREE Get Out of Debt Guy Newsletter

It is the smart thing to do.

I promise to keep your email safe and secure.

Close

I want to keep you posted each weekday with just one email about the latest get out of debt news, scam alerts and information to beat back debt.

You can unsubscribe at any time with just one click.

After you subscribe, check your email to confirm your subscription. If the confirmation email does not appear in your inbox in a few minutes, check your spam folder for it. Sometimes it likes to annoyingly hide there.


  • It will keep you posted on the latest scams.
  • You will be alerted to the latest articles.
  • You will wind up smarter than everyone else dealing with debt.