What Do You Think Rob Should Do About His Sallie Mae Private Student Loan Debt?

Got a Private Student Loan through Sallie Mae (2005) now Navient. -balance is approx. $21,000. I have paid my loan each moth until recently…..Now, I am always late on payments but not close to default.

History: I Lost my job, industry was decimated here in California, no longer on unemployment, can’t find a good paying job, have little money to pay, etc. -I want to have a “rainy day fund and savings for retirement” but if I continue on this path with the student loan, I will be left broke. I need to consider my options.

Even though I am AWARE of the debt I owe (its online in my account statement , as well as, in my student loan original contract) .

Is it worth risking/going through the route of ‘Statute of Limitations’ time frame in California, if I technically know what I owe and don’t realistically need validation? Because, these debt collectors will eventually harass me by calling or sending letters.

Would I even want to request/demand validation of the money I owe from them through letters/notified, etc.? Or would I just avoid them all together and bite my time in SOL?

Could there be other options I could explore in this scenario or am I basically “plum out of luck”? Thank you kindly!

This is your chance to be a hero and help out this person by providing your advice, feedback and answer in the comments section below.

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3 thoughts on “What Do You Think Rob Should Do About His Sallie Mae Private Student Loan Debt?”

  1. Well I am living proof that you can settle with Sallie Mae/ Navient. I took a private loan of about 60 K to do my masters. I struggled to get a job afterwards and couldn’t make payments on the loan. About a year and a half later, Sallie Mae told me my loans have grown up to 100K due to interest and late payment fees. After I got a job, I paid $200 a month for over 2 years. This was simply to stop them from adding interest. I knew I would be paying this loan my entire life so I called them and made them a cash settlement offer for 16% of the total. They agreed but there was a caveat, I had three days to pay the money. Luckily I borrowed the money from family and friends and paid them off. My credit report has been updated and I am free of Sallie Mae!

  2. The first step is to call—or even go online and make sure you have exhausted all your options (deferment, forebearance, much lower payments etc.) Since you are unemployed, you may qualify for these options. Then, if you cannot pay—you can’t pay–and cross that bridge when it comes to it. But you have to communicate with Navient (as much as you hate to)


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