I took out a student loan–a federal loan–in 1991 for $6000 at 8%. Due to a long series of financial setbacks, unemployment, a divorce, yada, yada–I now owe over 13K and it’s 20 years later. My loan now belongs to Sallie Mae. I am a single woman, 51 years old, no kids in CA with an income of about 20K a year
Does the new Obama plan for loan forgiveness after 20 years apply to me? If not, is there another program for debt forgiveness that would? I am not able to change careers to one that gives forgiveness as listed in the Dept. of Ed.
I would seriously be against any government program delivering any assistance for Sallie Mae private student loan help.
When it comes to private student loans your only options lie with the servicer.
Please post your responses and follow-up messages to me on this in the comments section below.