Subscribe to our mailing list

X

Who Can Sallie Mae Get Away With Not Following Direct Loan Rules?

By on December 29, 2011
Who Can Sallie Mae Get Away With Not Following Direct Loan Rules?

I am confused on how Sallie Mae gets away with this.

My Sallie Mae loans is considered a private loan, so why am I unable to declare bankrupt on it?

If they are a true school loan then won’t they allow me to have income based payback option?

Why don’t they have to follow the same rules as Direct Loans? So which are they student loans or private loans?

Leah

READ  Is It True That Sallie Mae Loans Have to be Forgiven After 10 Years? - Lynn

Last step, fill out the information below or call us for Priority Assistance.

What problems are you having with your report?

Your first name is required. Your first name is required to be at least 2 characters. Your first name cannot be longer than 50 characters.
Your last name is required. Your last name is required to be at least 2 characters. Your last name cannot be longer than 50 characters.
Your email is required.
Your phone is required. Your 10 digit phone number is required.
Your state is required.
Your age is required. Your age must be greater than 18. Your age must be less than 100.

By clicking on the "Contact Me" button above, you consent, acknowledge, and agree to the following: Our Terms of Use and Privacy Policy and to receive electronic communications. We take your privacy seriously. That you are providing express "written" consent for Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS - charges may apply), even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list. Consent is not required as a condition to utilize Debt.com services and you are under no obligation to purchase anything.

By clicking on the “Contact me” button above, you consent, acknowledge, and agree to the following: (1)That you are providing express “written” consent for Lexington Law Firm, Debt.com or appropriate service provider(s) to call you (including through automated means; e.g. autodialing, text and pre-recorded messaging) via telephone, mobile device (including SMS and MMS – charges may apply), or dialed manually, at my residential or cellular number, even if your telephone number is currently listed on any internal, corporate, state or federal Do-Not-Call list; and (2)Lexington Law’s Privacy Policy and Terms of Use and Debt.com’s Terms of Use and Privacy Policy. Consent is not required as a condition to utilize Lexington Law or Debt.com services and you are under no obligation to purchase anything.

About Consumer

This is information that was submitted by a third party and not generated by GetOutOfDebt.org or Steve Rhode.

2 Comments

  1. Michael

    December 30, 2011 at 9:40 am

    Hi Leah,

    Great question. A complete answer would require a great deal of effort.
    In brief:
    Congress and the lobby behind the effort saw fit to make student loan debt non-dischargeable. The changes to how student loan debt began to be treated as a priority debt began in the late 70’s. The situation for student loan borrowers got progressively worse since then.

    Student loan debt is a national crisis and it is going to get worse. I think there will ultimately be some type of alternatives for dealing with the private student loans. There will have to be. That does not help you or anyone else now though.

    One of the better resources available to learn more about student loan debt options is: http://www.studentloanborrowerassistance.org/

  2. Michael

    December 30, 2011 at 9:40 am

    Hi Leah,

    Great question. A complete answer would require a great deal of effort.
    In brief:
    Congress and the lobby behind the effort saw fit to make student loan debt non-dischargeable. The changes to how student loan debt began to be treated as a priority debt began in the late 70’s. The situation for student loan borrowers got progressively worse since then.

    Student loan debt is a national crisis and it is going to get worse. I think there will ultimately be some type of alternatives for dealing with the private student loans. There will have to be. That does not help you or anyone else now though.

    One of the better resources available to learn more about student loan debt options is: http://www.studentloanborrowerassistance.org/

Share a Comment / Leave a Reply

%d bloggers like this: