I have 150K in student loans from Sallie Mae. I borrowed only 100, but 50K is interest. My current loan payment every month is 1000.00 and that is JUST interest. I have called and called them to try and get a lower monthly payment, and the only thing they will do for me is make them interest only payments for about 2 years. The interest only payments are still $1000.00. I cannot afford this payment. I am even living at home with my parents right now, and I still can’t swing 1000.00 loan payment. I only make 1800 a month.
I was reading on your site about how someone filed Chapter 11 bankruptcy and claimed undue hardship because Sallie Mae did not offer any kind of income contingent repayment plans. Is this true? I know you can’t typically file bankruptcy on student loans, but I have heard recently that if it is really causing you undue hardship then some judges will help. Do you know the best way to go about this and who to contact?
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.Can I File a Chapter 11 Bankruptcy on My Sallie Mae Student Loans? - Stephanie by Steve Rhode