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”

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.


You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Damon Day - Pro Debt Coach

Steve Rhode
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