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My Daughter Owes Three Times As Much as Her Sallie Mae Loans Started Out Being. – Robin

By on August 9, 2012
My Daughter Owes Three Times As Much as Her Sallie Mae Loans Started Out Being. – Robin

“Dear Steve,

My daughter, Robin, graduated from college in 1990 and owed $40,000 in student loans. She consolidated all of her loans with Sallie Mae. Due to difficult circumstances, she defaulted and did not pay for some time. A large amount of interest and fees were added to her debt with them and she ended up owing over $125,000. She now has consistently paid on this for almost 20 years and still owes $80,000 because of the 8 % interest rate. At this time, she is partially disabled due to serious back problems and makes less than $35,000 per year, has a son to support, but has to pay Sallie Mae $711 per month and most of it goes to interest.

What are her options? Can she obtain forgiveness of this loan or lower her interest rate?

Robin”

Dear Robin,

Am I correct in assuming these are all private student loans and not government subsidized student loans?

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

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About 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.

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